JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports Third-quarter 2014 Net Income of

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2014

JPMORGAN CHASE & CO.
TABLE OF CONTENTS
		Page(s)
Consolidated Results
Consolidated Financial Highlights		2-3
Consolidated Statements of Income		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Core Net Interest Income		7
Reconciliation from Reported to Managed Summary		8
Business Detail
Line of Business Financial Highlights - Managed Basis		9
Consumer & Community Banking		10-11
Consumer & Business Banking		12
Mortgage Banking		13-16
Card, Merchant Services & Auto		17-18
Corporate & Investment Bank		19-21
Commercial Banking		22-23
Asset Management		24-26
Corporate/Private Equity		27-28
Credit-Related Information		29-32
Supplemental Detail
Capital and Other Selected Balance Sheet Items		33
Earnings Per Share and Related Information		34
Non-GAAP Financial Measures		35
Glossary of Terms (a)

(a) Refer to the Firm’s Glossary of Terms on pages 341-345 and pages 186-191 of JPMorgan Chase’s 2013 Annual Report and its second quarter 2014 Form 10-Q, respectively.

Page 1

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
SELECTED INCOME STATEMENT DATA	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13			2014			2013			2013
Reported Basis
Total net revenue	$	24,246		$	24,454		$	22,993		$	23,156		$	23,117			(1	)	%	5		%	$	71,693		$	73,450		(2	)	%
Total noninterest expense	15,798			15,431			14,636			15,552			23,626				2			(33	)		45,865			54,915			(16	)
Pre-provision profit/(loss)	8,448			9,023			8,357			7,604			(509		)		(6	)		NM			25,828			18,535			39
Provision for credit losses	757			692			850			104			(543		)		9			NM			2,299			121			NM
NET INCOME/(LOSS)	5,572			5,985			5,274			5,278			(380		)		(7	)		NM			16,831			12,645			33
Managed Basis (a)
Total net revenue	25,159			25,349			23,863			24,112			23,880				(1	)		5			74,371			75,686			(2	)
Total noninterest expense	15,798			15,431			14,636			15,552			23,626				2			(33	)		45,865			54,915			(16	)
Pre-provision profit	9,361			9,918			9,227			8,560			254				(6	)		NM			28,506			20,771			37
Provision for credit losses	757			692			850			104			(543		)		9			NM			2,299			121			NM
NET INCOME/(LOSS)	5,572			5,985			5,274			5,278			(380		)		(7	)		NM			16,831			12,645			33
EARNINGS PER SHARE DATA
Net income/(loss): Basic	$	1.37		$	1.47		$	1.29		$	1.31		$	(0.17	)		(7	)		NM			$	4.13		$	3.08		34
Diluted	1.36			1.46			1.28			1.30			(0.17		)		(7	)		NM			4.10			3.05			34
Average shares: Basic	3,755.4			3,780.6			3,787.2			3,762.1			3,767.0				(1	)		—			3,774.4			3,789.2			—
Diluted	3,788.7			3,812.5			3,823.6			3,797.1			3,767.0				(1	)		1			3,808.3			3,820.9			—
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	225,188		$	216,725		$	229,770		$	219,657		$	194,312			4			16			$	225,188		$	194,312		16
Common shares at period-end	3,738.2			3,761.3			3,784.7			3,756.1			3,759.2				(1	)		(1	)		3,738.2			3,759.2			(1	)
Closing share price (b)	$	60.24		$	57.62		$	60.71		$	58.48		$	51.69			5			17			$	60.24		$	51.69		17
Book value per share	56.50			55.53			54.05			53.25			52.01				2			9			56.50			52.01			9
Tangible book value per share (c)	44.13			43.17			41.73			40.81			39.51				2			12			44.13			39.51			12
Cash dividends declared per share	0.40			0.40		(h)	0.38			0.38			0.38				—			5			1.18		(h)	1.06		(h)	11
FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	10		%	11		%	10		%	10		%	(1		)	%							10		%	8		%
Return on tangible common equity (“ROTCE”) (c)	13			14			13			14			(2		)								13			11
Return on assets	0.90			0.99			0.89			0.87			(0.06		)								0.93			0.71
CAPITAL RATIOS (e)
Common Equity Tier 1 (“CET1”) capital ratio	10.2		(g)	9.8			10.9			10.7			10.5										10.2		(g)	10.5
Tier 1 capital ratio	11.5		(g)	11.1			12.1			11.9			11.7										11.5		(g)	11.7
Total capital ratio	12.7		(g)	12.5			14.5			14.4			14.3										12.7		(g)	14.3
95% CONFIDENCE LEVEL- TOTAL VaR (f)
Average VaR	$	36		$	55		$	42		$	44		$	47			(35	)		(23	)		$	44		$	55		(20	)

(a) For a further discussion of managed basis, see Reconciliation from Reported to Managed Summary on page 8.

(b) Share price shown is from the New York Stock Exchange. The common stock is also listed and traded on the London Stock Exchange and the Tokyo Stock Exchange.

(c) Tangible book value per share and ROTCE are non-GAAP financial measures. Tangible book value per share represents tangible common equity divided by common shares at period-end. ROTCE measures the Firm's annualized earnings as a percentage of tangible common equity. For further discussion of these measures, see page 35.

(d) Ratios are based upon annualized amounts.

(e) Basel III Transitional rules became effective on January 1, 2014; all prior period data is based on Basel I rules. As of September 30, 2014, and June 30, 2014, the ratios presented are calculated under the Basel III Advanced Transitional Approach. As of March 31, 2014, the ratios presented are calculated under the Basel III Standardized Transitional Approach. See footnote (a) on page 33 for additional information on Basel III. CET1 capital under Basel III replaced Tier 1 common capital under Basel I. Prior to Basel III becoming effective on January 1, 2014, Tier 1 common capital under Basel I was a non-GAAP financial measure. For further discussion of Tier 1 common capital, see page 35.

(f) The increase in average VaR during the three months ended June 30, 2014 was due to a change in the MSR hedge position in Mortgage Banking in advance of an anticipated update to certain MSR model assumptions. When such updates were implemented, VaR decreased to prior levels. The MSR model and assumptions are continuously evaluated and periodically updated to reflect recent market behavior. Mortgage Banking average VaR was $3 million, $20 million, $5 million, $6 million and $10 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $9 million and $15 million for the nine months ended September 30, 2014 and 2013, respectively. For information regarding CIB VaR, see Corporate and Investment Bank on page 21.

(g) Estimated.

(h) On May 20, 2014, the Board of Directors increased the quarterly common stock dividend from $0.38 to $0.40 per share. On May 21, 2013, the Board increased the quarterly common stock dividend from $0.30 to $0.38 per share.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change													2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13			2014			2013				2013
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,527,005		$	2,520,336		$	2,476,986		$	2,415,689		$	2,463,309			—		%	3		%	$	2,527,005		$	2,463,309			3		%
Loans:
Consumer, excluding credit card loans	288,860			289,178			288,168			289,063			288,350				—			—			288,860			288,350				—
Credit card loans	126,959			126,129			121,816			127,791			123,982				1			2			126,959			123,982				2
Wholesale loans	327,438			331,676			320,987			321,564			316,347				(1	)		4			327,438			316,347				4
Total Loans	743,257			746,983			730,971			738,418			728,679				—			2			743,257			728,679				2
Deposits	1,334,534			1,319,751			1,282,705			1,287,765			1,281,102				1			4			1,334,534			1,281,102				4
Long-term debt (a)	268,721			269,929			274,512			267,889			263,372				—			2			268,721			263,372				2
Common stockholders’ equity	211,214			208,851			204,572			200,020			195,512				1			8			211,214			195,512				8
Total stockholders’ equity	231,277			227,314			219,655			211,178			206,670				2			12			231,277			206,670				12
Loans-to-deposits ratio	56		%	57		%	57		%	57		%	57			%							56		%	57			%
Headcount	242,388			245,192			246,994			251,196			255,041				(1	)		(5	)		242,388			255,041				(5	)
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	2,468		$	2,443		$	1,936		$	2,372		$	2,702			1			(9	)		$	6,847		$	8,377			(18	)
Corporate & Investment Bank	1,485			1,963			1,979			858			2,240				(24	)		(34	)		5,427			7,688				(29	)
Commercial Banking	649			658			578			693			665				(1	)		(2	)		1,885			1,882				—
Asset Management	572			552			441			568			476				4			20			1,565			1,463				7
Corporate/Private Equity	398			369			340			787			(6,463		)		8			NM			1,107			(6,765		)		NM
NET INCOME/(LOSS)	$	5,572		$	5,985		$	5,274		$	5,278		$	(380	)		(7	)		NM			$	16,831		$	12,645			33

(a) Included unsecured long-term debt of $204.7 billion, $205.6 billion, $206.1 billion, $199.4 billion and $199.2 billion for the periods ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.

Page 3

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																		3Q14 Change												2014 Change
REVENUE	3Q14			2Q14			1Q14			4Q13				3Q13				2Q14			3Q13			2014			2013			2013
Investment banking fees	$	1,538		$	1,751		$	1,420		$	1,685			$	1,507			(12	)	%	2		%	$	4,709		$	4,669		1		%
Principal transactions (a)	2,966			2,908			3,322			(42		)		2,662				2			11			9,196			10,183			(10	)
Lending- and deposit-related fees	1,479			1,463			1,405			1,469				1,519				1			(3	)		4,347			4,476			(3	)
Asset management, administration and commissions	3,978			4,007			3,836			3,975				3,667				(1	)		8			11,821			11,131			6
Securities gains	6			12			30			8				26				(50	)		(77	)		48			659			(93	)
Mortgage fees and related income	903			1,291			514			1,089				841				(30	)		7			2,708			4,116			(34	)
Card income	1,537			1,549			1,408			1,582				1,518				(1	)		1			4,494			4,440			1
Other income	732			675			391			2,483				602				8			22			1,798			1,364			32
Noninterest revenue	13,139			13,656			12,326			12,249				12,342				(4	)		6			39,121			41,038			(5	)
Interest income (b)	12,926			12,861			12,793			13,166				13,066				1			(1	)		38,580			39,503			(2	)
Interest expense (b)	1,819			2,063			2,126			2,259				2,291				(12	)		(21	)		6,008			7,091			(15	)
Net interest income	11,107			10,798			10,667			10,907				10,775				3			3			32,572			32,412			—
TOTAL NET REVENUE	24,246			24,454			22,993			23,156				23,117				(1	)		5			71,693			73,450			(2	)
Provision for credit losses	757			692			850			104				(543		)		9			NM			2,299			121			NM
NONINTEREST EXPENSE
Compensation expense	7,831			7,610			7,859			7,052				7,325				3			7			23,300			23,758			(2	)
Occupancy expense	978			973			952			941				947				1			3			2,903			2,752			5
Technology, communications and equipment expense	1,465			1,433			1,411			1,376				1,356				2			8			4,309			4,049			6
Professional and outside services	1,907			1,932			1,786			2,109				1,897				(1	)		1			5,625			5,532			2
Marketing	610			650			564			745				588				(6	)		4			1,824			1,755			4
Other expense (c)	2,956			2,701			1,933			3,136				11,373				9			(74	)		7,590			16,625			(54	)
Amortization of intangibles	51			132			131			193				140				(61	)		(64	)		314			444			(29	)
TOTAL NONINTEREST EXPENSE	15,798			15,431			14,636			15,552				23,626				2			(33	)		45,865			54,915			(16	)
Income before income tax expense	7,691			8,331			7,507			7,500				34				(8	)		NM			23,529			18,414			28
Income tax expense	2,119			2,346			2,233			2,222				414				(10	)		412			6,698			5,769			16
NET INCOME/(LOSS)	$	5,572		$	5,985		$	5,274		$	5,278			$	(380	)		(7	)		NM			$	16,831		$	12,645		33
NET INCOME PER COMMON SHARE DATA
Basic earnings	$	1.37		$	1.47		$	1.29		$	1.31			$	(0.17	)		(7	)		NM			$	4.13		$	3.08		34
Diluted earnings	1.36			1.46			1.28			1.30				(0.17		)		(7	)		NM			4.10			3.05			34
FINANCIAL RATIOS
Return on common equity (d)	10		%	11		%	10		%	10			%	(1		)	%							10		%	8		%
Return on tangible common equity (d)(e)	13			14			13			14				(2		)								13			11
Return on assets (d)	0.90			0.99			0.89			0.87				(0.06		)								0.93			0.71
Effective income tax rate	28			28			30			30				NM										28			31
Overhead ratio	65			63			64			67				102										64			75

(a) Included a $(1.5) billion loss in the fourth quarter of 2013 as a result of implementing a funding valuation adjustment (“FVA”) framework for OTC derivatives and structured notes.

(b) Effective January 1, 2014, prior period amounts were reclassified to conform with current period presentation.

(c) Included Firmwide legal expense of $1.1 billion, $0.7 billion, $0.8 billion, and $9.3 billion for the three months ended September 30, 2014, June 30, 2014, December 31, 2013 and September 30, 2013, respectively; legal expense for the three months ended March 31, 2014 was not material, and $1.8 billion and $10.3 billion for the nine months ended September 30, 2014 and 2013, respectively.

(d) Ratios are based upon annualized amounts.

(e) For further discussion of ROTCE see pages 2 and 35.

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																		Sep 30, 2014
																		Change
	Sep 30,			Jun 30,				Mar 31,				Dec 31,			Sep 30,			Jun 30,			Sep 30,
	2014			2014				2014				2013			2013			2014			2013
ASSETS
Cash and due from banks	$	25,372		$	27,523			$	26,321			$	39,771		$	30,664		(8	)	%	(17	)	%
Deposits with banks	414,312			393,909				372,531				316,051			371,445			5			12
Federal funds sold and securities purchased under
resale agreements	214,336			248,149				265,168				248,116			235,916			(14	)		(9	)
Securities borrowed	118,873			113,967				122,021				111,465			122,438			4			(3	)
Trading assets:
Debt and equity instruments	338,204			330,165				315,932				308,905			316,560			2			7
Derivative receivables	72,453			62,378				59,272				65,759			66,788			16			8
Securities	366,358			361,918				351,850				354,003			356,556			1			3
Loans	743,257			746,983				730,971				738,418			728,679			—			2
Less: Allowance for loan losses	14,889			15,326				15,847				16,264			17,571			(3	)		(15	)
Loans, net of allowance for loan losses	728,368			731,657				715,124				722,154			711,108			—			2
Accrued interest and accounts receivable	75,504			78,677			(a)	74,612			(a)	65,160			66,269			(4	)		14
Premises and equipment	15,177			15,216				14,919				14,891			14,876			—			2
Goodwill	47,970			48,110				48,065				48,081			48,100			—			—
Mortgage servicing rights	8,236			8,347				8,552				9,614			9,490			(1	)		(13	)
Other intangible assets	1,274			1,339				1,489				1,618			1,817			(5	)		(30	)
Other assets	100,568			98,981			(a)	101,130			(a)	110,101			111,282			2			(10	)
TOTAL ASSETS	$	2,527,005		$	2,520,336			$	2,476,986			$	2,415,689		$	2,463,309		—			3
LIABILITIES
Deposits	$	1,334,534		$	1,319,751			$	1,282,705			$	1,287,765		$	1,281,102		1			4
Federal funds purchased and securities loaned or sold
under repurchase agreements	198,746			216,561				217,442				181,163			218,728			(8	)		(9	)
Commercial paper	59,960			63,804				60,825				57,848			53,741			(6	)		12
Other borrowed funds	31,892			34,713				31,951				27,994			30,436			(8	)		5
Trading liabilities:
Debt and equity instruments	84,305			87,861				91,471				80,430			87,334			(4	)		(3	)
Derivative payables	58,951			50,795				49,138				57,314			60,785			16			(3	)
Accounts payable and other liabilities	211,055			203,885				202,499				194,491			212,283			4			(1	)
Beneficial interests issued by consolidated VIEs	47,564			45,723				46,788				49,617			48,858			4			(3	)
Long-term debt	268,721			269,929				274,512				267,889			263,372			—			2
TOTAL LIABILITIES	2,295,728			2,293,022				2,257,331				2,204,511			2,256,639			—			2
STOCKHOLDERS’ EQUITY
Preferred stock	20,063			18,463				15,083				11,158			11,158			9			80
Common stock	4,105			4,105				4,105				4,105			4,105			—			—
Capital surplus	93,060			92,879				92,623				93,828			93,555			—			(1	)
Retained earnings	127,234			123,497				119,318				115,756			112,135			3			13
Accumulated other comprehensive income	3,266			3,438				2,276				1,199			390			(5	)		NM
Shares held in RSU Trust, at cost	(21		)	(21		)		(21		)		(21		)	(21		)	—			—
Treasury stock, at cost	(16,430		)	(15,047		)		(13,729		)		(14,847		)	(14,652		)	(9	)		(12	)
TOTAL STOCKHOLDERS’ EQUITY	231,277			227,314				219,655				211,178			206,670			2			12
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,527,005		$	2,520,336			$	2,476,986			$	2,415,689		$	2,463,309		—			3

(a) Prior period amounts were reclassified to conform with current period presentation due to the adoption of new accounting guidance. For further information, see footnote (a) on page 30.

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change														2014 Change
AVERAGE BALANCES	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
ASSETS
Deposits with banks	$	362,434			$	334,953			$	319,130			$	329,322			$	321,271			8		%	13		%	$	338,998			$	248,628			36		%
Federal funds sold and securities purchased under
resale agreements	224,088				237,440				245,389				233,149				229,730				(6	)		(2	)		235,561				231,035				2
Securities borrowed	118,014				114,905				118,227				117,730				119,950				3			(2	)		117,048				118,492				(1	)
Trading assets - debt instruments	213,335				204,242				202,387				208,032				212,228				4			1			206,695				234,420				(12	)
Securities	360,365				353,278				348,771				348,223				351,648				2			2			354,180				359,748				(2	)
Loans	741,831				737,613				730,312				729,621				723,538				1			3			736,628				725,381				2
Other assets (a)	41,718				41,514				41,430				39,384				39,048				—			7			41,555				40,655				2
Total interest-earning assets	2,061,785				2,023,945				2,005,646				2,005,461				1,997,413				2			3			2,030,665				1,958,359				4
Trading assets - equity instruments	118,201				121,184				112,525				111,051				103,347				(2	)		14			117,324				113,229				4
Trading assets - derivative receivables	65,786				60,830				64,820				68,709				71,657				8			(8	)		63,815				73,950				(14	)
All other noninterest-earning assets	209,100				214,677				219,713				222,380				217,352				(3	)		(4	)		214,458				225,300				(5	)
TOTAL ASSETS	$	2,454,872			$	2,420,636			$	2,402,704			$	2,407,601			$	2,389,769			1			3			$	2,426,262			$	2,370,838			2
LIABILITIES
Interest-bearing deposits	$	865,041			$	863,163			$	866,759			$	860,067			$	832,192			—			4			$	864,981			$	810,215			7
Federal funds purchased and securities loaned or
sold under repurchase agreements	213,975				212,555				200,918				207,747				231,938				1			(8	)		209,197				248,932				(16	)
Commercial paper	59,359				59,760				58,682				54,098				53,287				(1	)		11			59,270				53,588				11
Trading liabilities - debt, short-term and other liabilities (b)	219,666				221,001				214,810				211,414				213,261				(1	)		3			218,510				200,022				9
Beneficial interests issued by consolidated VIEs	47,336				47,407				49,058				49,866				52,522				—			(10	)		47,927				56,506				(15	)
Long-term debt	266,639				271,194				269,403				265,676				265,396				(2	)		—			269,069				263,547				2
Total interest-bearing liabilities	1,672,016				1,675,080				1,659,630				1,648,868				1,648,596				—			1			1,668,954				1,632,810				2
Noninterest-bearing deposits	404,634				380,836				377,520				381,242				364,495				6			11			387,763				361,346				7
Trading liabilities - equity instruments	17,385				15,505				16,432				15,209				14,696				12			18			16,444				13,884				18
Trading liabilities - derivative payables	51,524				49,487				53,143				60,011				63,378				4			(19	)		51,379				66,083				(22	)
All other noninterest-bearing liabilities	81,090				77,806				80,626				94,753				89,419				4			(9	)		79,842				89,396				(11	)
TOTAL LIABILITIES	2,226,649				2,198,714				2,187,351				2,200,083				2,180,584				1			2			2,204,382				2,163,519				2
Preferred stock	18,602				15,763				13,556				11,158				11,953				18			56			15,992				10,894				47
Common stockholders’ equity	209,621				206,159				201,797				196,360				197,232				2			6			205,888				196,425				5
TOTAL STOCKHOLDERS’ EQUITY	228,223				221,922				215,353				207,518				209,185				3			9			221,880				207,319				7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,454,872			$	2,420,636			$	2,402,704			$	2,407,601			$	2,389,769			1			3			$	2,426,262			$	2,370,838			2
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.33			%	0.33			%	0.33			%	0.32			%	0.33			%							0.33			%	0.35			%
Federal funds sold and securities purchased under
resale agreements	0.71				0.67				0.72				0.77				0.84										0.70				0.86
Securities borrowed (d)	(0.50		)		(0.46		)		(0.30		)		(0.19		)		(0.12		)								(0.42		)		(0.08		)
Trading assets - debt instruments (e)	3.49				3.62				3.59				3.60				3.60										3.57				3.60
Securities	2.73				2.79				2.77				2.61				2.40										2.76				2.23
Loans	4.33				4.40				4.49				4.54				4.57										4.40				4.66
Other assets (a)	1.63				1.66				1.58				1.62				1.54										1.63				1.24
Total interest-earning assets (e)	2.54				2.60				2.63				2.64				2.63										2.59				2.73
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.18				0.19				0.20				0.22				0.25										0.19				0.26
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.25				0.30				0.33				0.28				0.19										0.29				0.23
Commercial paper	0.22				0.23				0.23				0.21				0.21										0.22				0.21
Trading liabilities - debt, short-term and other liabilities (b)(d)(e)	0.12				0.48				0.44				0.56				0.54										0.34				0.54
Beneficial interests issued by consolidated VIEs	0.82				0.89				0.87				0.84				0.85										0.86				0.88
Long-term debt	1.61				1.61				1.76				1.81				1.85										1.66				1.92
Total interest-bearing liabilities (e)	0.43				0.49				0.52				0.54				0.55										0.48				0.58
INTEREST RATE SPREAD (e)	2.11			%	2.11			%	2.11			%	2.10			%	2.08			%							2.11			%	2.15			%
NET YIELD ON INTEREST-EARNING ASSETS	2.19			%	2.19			%	2.20			%	2.20			%	2.18			%							2.19			%	2.25			%

(a) Includes margin loans.

(b) Includes brokerage customer payables.

(c) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(d) Negative yield is the result of increased client-driven demand for certain securities combined with the impact of low interest rates; the offset of this stock borrow activity is reflected as lower net interest expense reported within trading liabilities - debt, short-term and other liabilities.

(e) Effective January 1, 2014, prior period amounts were reclassified to conform with current period presentation.

Page 6

JPMORGAN CHASE & CO.
CORE NET INTEREST INCOME
(in millions, except rates)

In addition to reviewing net interest income on a managed basis, management also reviews core net interest income to assess the performance of its core lending, investing (including asset-liability management) and deposit-raising activities. Core net interest income excludes the impact of Corporate & Investment Bank’s (“CIB’s”) market-based activities. Because of the exclusion of CIB’s market-based net interest income and the related assets, the core data presented below are non-GAAP financial measures. Management believes this exclusion provides investors and analysts a more meaningful measure by which to analyze the non-market-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on core lending, investing and deposit-raising activities. For a further discussion of these measures, see Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 82-83 of the Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Annual Report”).

	QUARTERLY TRENDS																		NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change									2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14	3Q13		2014			2013			2013
CORE NET INTEREST INCOME DATA (a)
Net interest income - managed basis (b)(c)	$	11,360		$	11,042		$	10,893		$	11,096		$	10,956		3	4	%	$	33,295		$	32,920		1		%
Less: Market-based net interest income	1,239			1,030			1,056			1,093			1,109			20	12		3,325			3,886			(14	)
Core net interest income (b)	$	10,121		$	10,012		$	9,837		$	10,003		$	9,847		1	3		$	29,970		$	29,034		3
Average interest-earning assets	$	2,061,785		$	2,023,945		$	2,005,646		$	2,005,461		$	1,997,413		2	3		$	2,030,665		$	1,958,359		4
Less: Average market-based earning assets	513,051			502,413			507,499			501,716			493,780			2	4		507,675			505,062			1
Core average interest-earning assets	$	1,548,734		$	1,521,532		$	1,498,147		$	1,503,745		$	1,503,633		2	3		$	1,522,990		$	1,453,297		5
Net interest yield on interest-earning assets -
managed basis	2.19		%	2.19		%	2.20		%	2.20		%	2.18		%				2.19		%	2.25		%
Net interest yield on market-based activities	0.96			0.82			0.84			0.86			0.89						0.88			1.03
Core net interest yield on core average interest-earning      assets	2.59			2.64			2.66			2.64			2.60						2.63			2.67

(a) Includes core lending, investing and deposit-raising activities on a managed basis across each of the business segments and Corporate/Private Equity; excludes the market-based activities within the CIB.

(b) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(c) For a reconciliation of net interest income on a reported and managed basis, see Reconciliation from Reported to Managed Summary on page 8.

Page 7

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED SUMMARY
(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results and the results of the lines of business on a “managed” basis, which is a non-GAAP financial measure. For additional information on managed basis, refer to the notes on Non-GAAP Financial Measures on page 35.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.

	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change											2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13		2014			2013			2013
OTHER INCOME
Other income - reported	$	732		$	675		$	391		$	2,483		$	602			8		%	22	%	$	1,798		$	1,364		32		%
Fully taxable-equivalent adjustments (a)	660			651			644			767			582				1			13		1,955			1,728			13
Other income - managed	$	1,392		$	1,326		$	1,035		$	3,250		$	1,184			5			18		$	3,753		$	3,092		21
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	13,139		$	13,656		$	12,326		$	12,249		$	12,342			(4	)		6		$	39,121		$	41,038		(5	)
Fully taxable-equivalent adjustments (a)	660			651			644			767			582				1			13		1,955			1,728			13
Total noninterest revenue - managed	$	13,799		$	14,307		$	12,970		$	13,016		$	12,924			(4	)		7		$	41,076		$	42,766		(4	)
NET INTEREST INCOME
Net interest income - reported	$	11,107		$	10,798		$	10,667		$	10,907		$	10,775			3			3		$	32,572		$	32,412		—
Fully taxable-equivalent adjustments (a)	253			244			226			189			181				4			40		723			508			42
Net interest income - managed	$	11,360		$	11,042		$	10,893		$	11,096		$	10,956			3			4		$	33,295		$	32,920		1
TOTAL NET REVENUE
Total net revenue - reported	$	24,246		$	24,454		$	22,993		$	23,156		$	23,117			(1	)		5		$	71,693		$	73,450		(2	)
Fully taxable-equivalent adjustments (a)	913			895			870			956			763				2			20		2,678			2,236			20
Total net revenue - managed	$	25,159		$	25,349		$	23,863		$	24,112		$	23,880			(1	)		5		$	74,371		$	75,686		(2	)
PRE-PROVISION PROFIT/(LOSS)
Pre-provision profit - reported	$	8,448		$	9,023		$	8,357		$	7,604		$	(509	)		(6	)		NM		$	25,828		$	18,535		39
Fully taxable-equivalent adjustments (a)	913			895			870			956			763				2			20		2,678			2,236			20
Pre-provision profit - managed	$	9,361		$	9,918		$	9,227		$	8,560		$	254			(6	)		NM		$	28,506		$	20,771		37
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	7,691		$	8,331		$	7,507		$	7,500		$	34			(8	)		NM		$	23,529		$	18,414		28
Fully taxable-equivalent adjustments (a)	913			895			870			956			763				2			20		2,678			2,236			20
Income before income tax expense - managed	$	8,604		$	9,226		$	8,377		$	8,456		$	797			(7	)		NM		$	26,207		$	20,650		27
INCOME TAX EXPENSE
Income tax expense - reported	$	2,119		$	2,346		$	2,233		$	2,222		$	414			(10	)		412		$	6,698		$	5,769		16
Fully taxable-equivalent adjustments (a)	913			895			870			956			763				2			20		2,678			2,236			20
Income tax expense - managed	$	3,032		$	3,241		$	3,103		$	3,178		$	1,177			(6	)		158		$	9,376		$	8,005		17
OVERHEAD RATIO
Overhead ratio - reported	65		%	63		%	64		%	67		%	102			%						64		%	75		%
Overhead ratio - managed	63			61			61			64			99									62			73

(a) Predominantly recognized in the CIB and Commercial Banking (“CB”) business segments and Corporate/Private Equity.

Page 8

JPMORGAN CHASE & CO.
LINE OF BUSINESS FINANCIAL HIGHLIGHTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	11,267		$	11,431		$	10,460		$	11,314		$	11,082		(1	)	%	2		%	$	33,158		$	34,712		(4	)	%
Corporate & Investment Bank	8,787			8,991			8,606			6,020			8,189			(2	)		7			26,384			28,205			(6	)
Commercial Banking	1,667			1,701			1,651			1,847			1,725			(2	)		(3	)		5,019			5,126			(2	)
Asset Management	3,016			2,956			2,778			3,179			2,763			2			9			8,750			8,141			7
Corporate/Private Equity	422			270			368			1,752			121			56			249			1,060			(498		)	NM
TOTAL NET REVENUE	$	25,159		$	25,349		$	23,863		$	24,112		$	23,880		(1	)		5			$	74,371		$	75,686		(2	)
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	6,305		$	6,456		$	6,437		$	7,321		$	6,867		(2	)		(8	)		$	19,198		$	20,521		(6	)
Corporate & Investment Bank	6,035			6,058			5,604			4,892			4,999			—			21			17,697			16,852			5
Commercial Banking	668			675			686			653			661			(1	)		1			2,029			1,957			4
Asset Management	2,081			2,062			2,075			2,245			2,003			1			4			6,218			5,771			8
Corporate/Private Equity	709			180			(166		)	441			9,096			294			(92	)		723			9,814			(93	)
TOTAL NONINTEREST EXPENSE	$	15,798		$	15,431		$	14,636		$	15,552		$	23,626		2			(33	)		$	45,865		$	54,915		(16	)
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,962		$	4,975		$	4,023		$	3,993		$	4,215		—			18			$	13,960		$	14,191		(2	)
Corporate & Investment Bank	2,752			2,933			3,002			1,128			3,190			(6	)		(14	)		8,687			11,353			(23	)
Commercial Banking	999			1,026			965			1,194			1,064			(3	)		(6	)		2,990			3,169			(6	)
Asset Management	935			894			703			934			760			5			23			2,532			2,370			7
Corporate/Private Equity	(287		)	90			534			1,311			(8,975		)	NM			97			337			(10,312		)	NM
PRE-PROVISION PROFIT	$	9,361		$	9,918		$	9,227		$	8,560		$	254		(6	)		NM			$	28,506		$	20,771		37
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	902		$	852		$	816		$	72		$	(267	)	6			NM			$	2,570		$	263		NM
Corporate & Investment Bank	(67		)	(84		)	49			(19		)	(218		)	(20	)		(69	)		(102		)	(213		)	(52	)
Commercial Banking	(79		)	(67		)	5			43			(41		)	18			93			(141		)	42			NM
Asset Management	9			1			(9		)	21			—			NM			NM			1			44			(98	)
Corporate/Private Equity	(8		)	(10		)	(11		)	(13		)	(17		)	20			53			(29		)	(15		)	(93	)
PROVISION FOR CREDIT LOSSES	$	757		$	692		$	850		$	104		$	(543	)	9			NM			$	2,299		$	121		NM
NET INCOME/(LOSS)
Consumer & Community Banking	$	2,468		$	2,443		$	1,936		$	2,372		$	2,702		1			(9	)		$	6,847		$	8,377		(18	)
Corporate & Investment Bank	1,485			1,963			1,979			858			2,240			(24	)		(34	)		5,427			7,688			(29	)
Commercial Banking	649			658			578			693			665			(1	)		(2	)		1,885			1,882			—
Asset Management	572			552			441			568			476			4			20			1,565			1,463			7
Corporate/Private Equity	398			369			340			787			(6,463		)	8			NM			1,107			(6,765		)	NM
TOTAL NET INCOME/(LOSS)	$	5,572		$	5,985		$	5,274		$	5,278		$	(380	)	(7	)		NM			$	16,831		$	12,645		33

Page 9

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13			2014			2013			2013
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	804		$	750		$	703		$	753		$	780			7		%	3		%	$	2,257		$	2,230		1		%
Asset management, administration and commissions	534			521			503			507			515				2			4			1,558			1,609			(3	)
Mortgage fees and related income	902			1,290			514			1,087			839				(30	)		8			2,706			4,108			(34	)
Card income	1,478			1,486			1,348			1,518			1,460				(1	)		1			4,312			4,267			1
All other income	496			421			366			399			367				18			35			1,283			1,074			19
Noninterest revenue	4,214			4,468			3,434			4,264			3,961				(6	)		6			12,116			13,288			(9	)
Net interest income	7,053			6,963			7,026			7,050			7,121				1			(1	)		21,042			21,424			(2	)
TOTAL NET REVENUE	11,267			11,431			10,460			11,314			11,082				(1	)		2			33,158			34,712			(4	)
Provision for credit losses	902			852			816			72			(267		)		6			NM			2,570			263			NM
NONINTEREST EXPENSE
Compensation expense	2,627			2,637			2,739			2,765			2,949				—			(11	)		8,003			8,921			(10	)
Noncompensation expense	3,656			3,725			3,604			4,458			3,817				(2	)		(4	)		10,985			11,282			(3	)
Amortization of intangibles	22			94			94			98			101				(77	)		(78	)		210			318			(34	)
TOTAL NONINTEREST EXPENSE	6,305			6,456			6,437			7,321			6,867				(2	)		(8	)		19,198			20,521			(6	)
Income before income tax expense	4,060			4,123			3,207			3,921			4,482				(2	)		(9	)		11,390			13,928			(18	)
Income tax expense	1,592			1,680			1,271			1,549			1,780				(5	)		(11	)		4,543			5,551			(18	)
NET INCOME	$	2,468		$	2,443		$	1,936		$	2,372		$	2,702			1			(9	)		$	6,847		$	8,377		(18	)
FINANCIAL RATIOS
ROE	19		%	19		%	15		%	20		%	23			%							18		%	24		%
Overhead ratio	56			56			62			65			62										58			59
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	448,033		$	447,277		$	441,502		$	452,929		$	451,166			—			(1	)		$	448,033		$	451,166		(1	)
Trading assets - loans (a)	10,750			7,409			6,869			6,832			10,309				45			4			10,750			10,309			4
Loans:
Loans retained	390,709			390,211			386,314			393,351			390,345				—			—			390,709			390,345			—
Loans held-for-sale	876			1,472			542			940			449				(40	)		95			876			449			95
Total loans	391,585			391,683			386,856			394,291			390,794				—			—			391,585			390,794			—
Deposits	493,249			488,681			487,674			464,412			458,867				1			7			493,249			458,867			7
Equity (b)	51,000			51,000			51,000			46,000			46,000				—			11			51,000			46,000			11
SELECTED BALANCE SHEET DATA (average)
Total assets	$	447,121		$	443,204		$	450,424		$	450,987		$	453,881			1			(1	)		$	446,904		$	458,315		(2	)
Trading assets - loans (a)	9,346			6,593			7,446			9,297			13,888				42			(33	)		7,802			17,727			(56	)
Loans:
Loans retained	390,129			388,252			388,678			390,368			390,865				—			—			389,024			393,616			(1	)
Loans held-for-sale	876			710			656			585			239				23			267			749			83			NM
Total loans	391,005			388,962			389,334			390,953			391,104				1			—			389,773			393,699			(1	)
Deposits	492,022			486,064			471,581			461,097			456,940				1			8			483,297			450,677			7
Equity (b)	51,000			51,000			51,000			46,000			46,000				—			11			51,000			46,000			11
Headcount	138,686			141,688			145,651			151,333			156,064				(2	)		(11	)		138,686			156,064			(11	)

(a) Consists of prime mortgages originated with the intent to sell that are accounted for at fair value.

(b) 2014 includes $3.0 billion of capital held at the CCB level related to legacy mortgage servicing matters.

Page 10

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (a)	$	1,102		$	1,208		$	1,266		$	1,316		$	1,330		(9	)	%	(17	)	%	$	3,576		$	4,510		(21	)	%
Nonaccrual loans(b)(c)	6,639			7,003			7,301			7,455			8,029			(5	)		(17	)		6,639			8,029			(17	)
Nonperforming assets (b)(c)(d)	7,138			7,555			7,932			8,109			8,673			(6	)		(18	)		7,138			8,673			(18	)
Allowance for loan losses (a)	10,993			11,284			11,686			12,201			13,500			(3	)		(19	)		10,993			13,500			(19	)
Net charge-off rate (a)	1.12		%	1.25		%	1.32		%	1.34		%	1.35		%							1.23		%	1.53		%
Net charge-off rate, excluding purchased credit-impaired
(“PCI”) loans	1.28			1.44			1.53			1.55			1.57									1.41			1.79
Allowance for loan losses to period-end loans retained	2.81			2.89			3.03			3.10			3.46									2.81			3.46
Allowance for loan losses to period-end loans retained,
excluding PCI loans (e)	2.14			2.22			2.27			2.36			2.54									2.14			2.54
Allowance for loan losses to nonaccrual loans
retained, excluding credit card (b)(e)	57			58			55			57			55									57			55
Nonaccrual loans to total period-end loans, excluding
credit card (d)	2.51			2.64			2.75			2.80			3.01									2.51			3.01
Nonaccrual loans to total period-end loans, excluding
credit card and PCI loans (b)(d)	3.07			3.25			3.42			3.49			3.79									3.07			3.79
BUSINESS METRICS
Number of:
Branches	5,613			5,636			5,632			5,630			5,652			—			(1	)		5,613			5,652			(1	)
ATMs (f)	20,513			20,394			20,370			20,290			20,041			1			2			20,513			20,041			2
Active online customers (in thousands)	35,957			35,105			35,038			33,742			32,916			2			9			35,957			32,916			9
Active mobile customers (in thousands)	18,351			17,201			16,405			15,629			14,993			7			22			18,351			14,993			22

Note: CCB provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 35.

(a) Net charge-offs and the net charge-off rates for the three months ended September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013 excluded $87 million, $48 million, $61 million and $53 million, respectively, and $196 million for the nine months ended September 30, 2014 of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

(b) Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.

(c) At September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $7.8 billion, $8.1 billion, $7.7 billion, $8.4 billion, and $8.9 billion, respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $354 million, $316 million, $387 million, $428 million and $456 million, respectively, that are 90 or more days past due; (3) real estate owned (“REO”) insured by U.S. government agencies of $464 million, $528 million, $618 million, $2.0 billion and $1.9 billion, respectively. These amounts have been excluded based upon the government guarantee. In accordance with new accounting guidance adopted in the third quarter of 2014, effective January 1, 2014, certain REO insured by U.S. government agencies previously reported in Other assets at June 30, 2014 and March 31, 2014 of $1.6 billion and $1.5 billion, respectively, were reclassified and are now being reported in Accrued interest and accounts receivable.

(d) Prior periods were revised to conform with the current presentation.

(e) The allowance for loan losses for PCI loans was $3.7 billion at both September 30, 2014 and June 30, 2014, $4.1 billion at March 31, 2014, $4.2 billion at December 31, 2013, and $5.0 billion at September 30, 2013; these amounts were also excluded from the applicable ratios.

(f) Includes eATMs, formerly Express Banking Kiosks (“EBK”). Effective January 1, 2014, prior periods were revised to conform with the current presentation.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
CONSUMER & BUSINESS BANKING
Lending- and deposit-related fees	$	796		$	747		$	691		$	744		$	770		7		%	3		%	$	2,234		$	2,198		2		%
Asset management, administration and commissions	522			507			483			470			465			3			12			1,512			1,345			12
Card income	409			406			376			384			384			1			7			1,191			1,111			7
All other income	127			162			122			122			127			(22	)		—			411			370			11
Noninterest revenue	1,854			1,822			1,672			1,720			1,746			2			6			5,348			5,024			6
Net interest income	2,786			2,770			2,708			2,696			2,684			1			4			8,264			7,870			5
Total net revenue	4,640			4,592			4,380			4,416			4,430			1			5			13,612			12,894			6
Provision for credit losses	75			66			76			108			104			14			(28	)		217			239			(9	)
Noninterest expense	3,032			3,026			3,065			3,029			3,050			—			(1	)		9,123			9,133			—
Income before income tax expense	1,533			1,500			1,239			1,279			1,276			2			20			4,272			3,522			21
Net income	$	914		$	894		$	740		$	780		$	762		2			20			$	2,548		$	2,101		21
ROE	33		%	33		%	27		%	28		%	27		%							31		%	26		%
Overhead ratio	65			66			70			69			69									67			71
Equity (period-end and average)	$	11,000		$	11,000		$	11,000		$	11,000		$	11,000		—			—			$	11,000		$	11,000		—
BUSINESS METRICS
Business banking origination volume	$	1,649		$	1,917		$	1,504		$	1,298		$	1,299		(14	)		27			$	5,070		$	3,850		32
Period-end loans	20,644			20,276			19,589			19,416			19,029			2			8			20,644			19,029			8
Period-end deposits:
Checking	203,839			200,560			199,717			187,182			180,858			2			13			203,839			180,858			13
Savings	251,661			249,175			250,292			238,223			234,315			1			7			251,661			234,315			7
Time and other	23,304			24,421			25,092			26,022			28,277			(5	)		(18	)		23,304			28,277			(18	)
Total period-end deposits	478,804			474,156			475,101			451,427			443,450			1			8			478,804			443,450			8
Average loans	20,382			19,928			19,450			19,021			18,884			2			8			19,923			18,785			6
Average deposits:
Checking	201,473			197,490			189,487			182,272			177,392			2			14			196,194			173,894			13
Savings	250,845			249,240			243,500			236,343			231,982			1			8			247,889			226,982			9
Time and other	23,845			24,832			25,478			27,354			28,728			(4	)		(17	)		24,712			29,856			(17	)
Total average deposits	476,163			471,562			458,465			445,969			438,102			1			9			468,795			430,732			9
Deposit margin	2.20		%	2.23		%	2.27		%	2.29		%	2.32		%							2.24		%	2.33		%
Average assets	$	38,089		$	37,810		$	38,121		$	37,818		$	37,308		1			2			$	38,006		$	36,956		3
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	75		$	69		$	76		$	102		$	100		9			(25	)		$	220		$	235		(6	)
Net charge-off rate	1.46		%	1.39		%	1.58		%	2.13		%	2.10		%							1.48		%	1.67		%
Allowance for loan losses	$	703		$	703		$	707		$	707		$	701		—			—			$	703		$	701		—
Nonperforming assets	304			335			365			391			419			(9	)		(27	)		304			419			(27	)
RETAIL BRANCH BUSINESS METRICS
Net new investment assets	$	4,269		$	4,324		$	4,241		$	3,606		$	3,199		(1	)		33			$	12,834		$	12,400		4
Client investment assets	207,790			205,206			195,706			188,840			178,989			1			16			207,790			178,989			16
% managed accounts	39		%	38		%	37		%	36		%	34		%							39		%	34		%
Number of:
Chase Private Client locations	2,461			2,408			2,244			2,149			1,948			2			26			2,461			1,948			26
Personal bankers	20,965			21,728			22,654			23,588			22,961			(4	)		(9	)		20,965			22,961			(9	)
Sales specialists	4,155			4,405			4,817			5,740			6,269			(6	)		(34	)		4,155			6,269			(34	)
Client advisors	3,099			3,075			3,062			3,044			3,028			1			2			3,099			3,028			2
Chase Private Clients	290,662			262,965			239,665			215,888			192,358			11			51			290,662			192,358			51
Accounts (in thousands) (a)	30,424			30,144			29,819			29,437			29,301			1			4			30,424			29,301			4

(a) Includes checking accounts and Chase Liquid® cards.

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change														2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
MORTGAGE BANKING
Mortgage fees and related income	$	902			$	1,290			$	514			$	1,087			$	839			(30	)	%	8		%	$	2,706			$	4,108			(34	)	%
All other income	66				(17		)		(3		)		51				38				NM			74			46				232				(80	)
Noninterest revenue	968				1,273				511				1,138				877				(24	)		10			2,752				4,340				(37	)
Net interest income	1,016				1,013				1,058				1,092				1,143				—			(11	)		3,087				3,456				(11	)
Total net revenue	1,984				2,286				1,569				2,230				2,020				(13	)		(2	)		5,839				7,796				(25	)
Provision for credit losses	(19		)		(188		)		(23		)		(782		)		(1,044		)		90			98			(230		)		(1,899		)		88
Noninterest expense	1,279				1,306				1,403				2,062				1,900				(2	)		(33	)		3,988				5,540				(28	)
Income before income tax expense	724				1,168				189				950				1,164				(38	)		(38	)		2,081				4,155				(50	)
Net income	$	439			$	709			$	114			$	562			$	705			(38	)		(38	)		$	1,262			$	2,520			(50	)
ROE	10			%	16			%	3			%	11			%	14			%							9			%	17			%
Overhead ratio	64				57				89				92				94										68				71
Equity (period-end and average)	$	18,000			$	18,000			$	18,000			$	19,500			$	19,500			—			(8	)		$	18,000			$	19,500			(8	)
FUNCTIONAL RESULTS
Mortgage Production
Production revenue & other income (a)	$	275			$	251			$	202			$	383			$	438			10			(37	)		$	728			$	2,590			(72	)
Production-related net interest income (a)	118				88				90				111				146				34			(19	)		296				498				(41	)
Production-related revenue, excluding repurchase (losses)/
benefits	393				339				292				494				584				16			(33	)		1,024				3,088				(67	)
Production expense (b)	381				413				478				989				669				(8	)		(43	)		1,272				2,099				(39	)
Income, excluding repurchase (losses)/benefits	12				(74		)		(186		)		(495		)		(85		)		NM			NM			(248		)		989				NM
Repurchase (losses)/benefits	62				137				128				221				175				(55	)		(65	)		327				110				197
Income/(loss) before income tax expense/(benefit)	74				63				(58		)		(274		)		90				17			(18	)		79				1,099				(93	)
Mortgage Servicing
Loan servicing revenue & other income (a)	$	783			$	864			$	871			$	870			$	841			(9	)		(7	)		$	2,518			$	2,874			(12	)
Servicing-related net interest income (a)	70				66				87				86				75				6			(7	)		223				133				68
Servicing-related revenue	853				930				958				956				916				(8	)		(7	)		2,741				3,007				(9	)
Changes in MSR asset fair value due to collection/realization
of expected cash flows	(214		)		(237		)		(245		)		(267		)		(284		)		10			25			(696		)		(827		)		16
Net servicing-related revenue	639				693				713				689				632				(8	)		1			2,045				2,180				(6	)
Default servicing expense	349				340				364				474				623				3			(44	)		1,053				1,595				(34	)
Core servicing expense (b)	228				212				218				189				235				8			(3	)		658				715				(8	)
Servicing expense	577				552				582				663				858				5			(33	)		1,711				2,310				(26	)
Income/(loss), excluding MSR risk management	62				141				131				26				(226		)		(56	)		NM			334				(130		)		NM
MSR risk management, including related net interest
income/(expense)	76				338				(401		)		(24		)		(180		)		(78	)		NM			13				(244		)		NM
Income/(loss) before income tax expense/(benefit)	138				479				(270		)		2				(406		)		(71	)		NM			347				(374		)		NM
Real Estate Portfolios
Noninterest revenue	$	(14	)		$	(79	)		$	(45	)		$	(45	)		$	(113	)		82			88			$	(138	)		$	(164	)		16
Net interest income	828				858				882				895				922				(3	)		(10	)		2,568				2,826				(9	)
Total net revenue	814				779				837				850				809				4			1			2,430				2,662				(9	)
Provision for credit losses	(19		)		(189		)		(26		)		(783		)		(1,046		)		90			98			(234		)		(1,910		)		88
Noninterest expense	321				342				346				411				375				(6	)		(14	)		1,009				1,142				(12	)
Income before income tax expense	512				626				517				1,222				1,480				(18	)		(65	)		1,655				3,430				(52	)
Mortgage Banking income before income tax
expense	$	724			$	1,168			$	189			$	950			$	1,164			(38	)		(38	)		$	2,081			$	4,155			(50	)
Mortgage Banking net income	$	439			$	709			$	114			$	562			$	705			(38	)		(38	)		$	1,262			$	2,520			(50	)
Overhead ratios
Mortgage Production	84			%	87			%	113			%	138			%	88			%							94			%	65			%
Mortgage Servicing	81				53				186				100				190										83				119
Real Estate Portfolios	39				44				41				48				46										42				43

(a) Effective April 1, 2014, prior period amounts were revised to conform with the current presentation.

(b) Includes provision for credit losses.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change														2014 Change
MORTGAGE BANKING (continued)	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
SUPPLEMENTAL MORTGAGE FEES AND RELATED INCOME DETAILS
Net production revenue:
Production revenue	$	191			$	186			$	161			$	303			$	311			3		%	(39	)	%	$	538			$	2,370			(77	)	%
Repurchase (losses)/benefits	62				137				128				221				175				(55	)		(65	)		327				110				197
Net production revenue	253				323				289				524				486				(22	)		(48	)		865				2,480				(65	)
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	787				867				870				854				817				(9	)		(4	)		2,524				2,698				(6	)
Changes in MSR asset fair value due to collection/
realization of expected cash flows	(214		)		(237		)		(245		)		(267		)		(284		)		10			25			(696		)		(827		)		16
Total operating revenue	573				630				625				587				533				(9	)		8			1,828				1,871				(2	)
Risk management:
Changes in MSR asset fair value due to market interest
rates and other (a)	(101		)		(368		)		(362		)		421				80				73			NM			(831		)		1,698				NM
Other changes in MSR asset fair value due to other inputs
and assumptions in model (b)	44				220				(460		)		(65		)		(173		)		(80	)		NM			(196		)		(446		)		56
Changes in derivative fair value and other	133				485				422				(380		)		(87		)		(73	)		NM			1,040				(1,495		)		NM
Total risk management	76				337				(400		)		(24		)		(180		)		(77	)		NM			13				(243		)		NM
Total net mortgage servicing revenue	649				967				225				563				353				(33	)		84			1,841				1,628				13
Mortgage fees and related income	$	902			$	1,290			$	514			$	1,087			$	839			(30	)		8			$	2,706			$	4,108			(34	)
MORTGAGE PRODUCTION AND MORTGAGE SERVICING
SELECTED BALANCE SHEET DATA (period-end)
Trading assets - loans (c)	$	10,750			$	7,409			$	6,869			$	6,832			$	10,309			45			4			$	10,750			$	10,309			4
Loans:
Prime mortgage, including option ARMs (d)	14,625				14,964				15,290				15,136				15,571				(2	)		(6	)		14,625				15,571				(6	)
Loans held-for-sale	370				822				238				614				138				(55	)		168			370				138				168
SELECTED BALANCE SHEET DATA (average)
Trading assets - loans (c)	9,346				6,593				7,446				9,297				13,888				42			(33	)		7,802				17,727				(56	)
Loans:
Prime mortgage, including option ARMs (d)	15,166				15,489				15,391				15,641				15,878				(2	)		(4	)		15,347				16,782				(9	)
Loans held-for-sale	525				301				341				274				172				74			205			390				60				NM
Average assets	42,750				41,101				45,890				49,742				54,870				4			(22	)		43,236				59,622				(27	)
Repurchase liability (period-end)	362				406				534				651				1,945				(11	)		(81	)		362				1,945				(81	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Prime mortgage, including option ARMs	$	—			$	1			$	3			$	1			$	2			NM			NM			$	4			$	11			(64	)
Net charge-off rate:
Prime mortgage, including option ARMs	—			%	0.03			%	0.08			%	0.03			%	0.05			%							0.03			%	0.09			%
30+ day delinquency rate (e)	2.06				2.16				2.34				2.75				3.16										2.06				3.16
Nonperforming assets (f)(g)	$	424			$	474			$	500			$	519			$	630			(11	)		(33	)		$	424			$	630			(33	)
BUSINESS METRICS (in billions)
Mortgage origination volume by channel
Retail	$	7.9			$	7.2			$	6.7			$	9.8			$	17.7			10			(55	)		$	21.8			$	67.2			(68	)
Correspondent (h)	13.3				9.6				10.3				13.5				22.8				39			(42	)		33.2				75.0				(56	)
Total mortgage origination volume (i)	$	21.2			$	16.8			$	17.0			$	23.3			$	40.5			26			(48	)		$	55.0			$	142.2			(61	)
Mortgage application volume by channel
Retail	$	12.8			$	15.7			$	14.6			$	15.8			$	20.7			(18	)		(38	)		$	43.1			$	92.2			(53	)
Correspondent (h)	17.1				14.4				11.5				15.5				19.7				19			(13	)		43.0				73.7				(42	)
Total mortgage application volume	$	29.9			$	30.1			$	26.1			$	31.3			$	40.4			(1	)		(26	)		$	86.1			$	165.9			(48	)

(a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(b) Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).

(c) Consists of prime mortgages originated with the intent to sell that are accounted for at fair value.

(d) Predominantly represents prime mortgage loans repurchased from Government National Mortgage Association (“Ginnie Mae”) pools, which are insured by U.S. government agencies.

(e) At September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, excluded mortgage loans insured by U.S. government agencies of $9.6 billion, $9.6 billion, $8.8 billion, $9.6 billion, and $10.0 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(f) At September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $7.8 billion, $8.1 billion, $7.7 billion, $8.4 billion, and $8.9 billion, respectively, that are 90 or more days past due and (2) real estate owned (“REO”) insured by U.S. government agencies of $464 million, $528 million, $618 million, $2.0 billion and $1.9 billion, respectively. These amounts have been excluded based upon the government guarantee. In accordance with new accounting guidance adopted in the third quarter of 2014, effective January 1, 2014, certain REO insured by U.S. government agencies previously reported in Other assets at June 30, 2014 and March 31, 2014 of $1.6 billion and $1.5 billion, respectively, were reclassified and are now being reported in Accrued interest and accounts receivable.

(g) Prior periods were revised to conform with the current presentation.

(h) Includes rural housing loans sourced through correspondents, and prior to November 2013, through both brokers and correspondents, which are underwritten and closed with pre-funding loan approval from the U.S. Department of Agriculture Rural Development, which acts as the guarantor in the transaction.

(i) Firmwide mortgage origination volume was $22.7 billion, $18.0 billion, $18.2 billion, $25.1 billion, and $44.2 billion for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively and $58.9 billion and $151.3 billion for the nine months ended September 30, 2014 and 2013, respectively.

Page 14

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change														2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
MORTGAGE BANKING (continued)
MORTGAGE PRODUCTION AND MORTGAGE SERVICING
(continued)
BUSINESS METRICS (in billions)(continued)
Third-party mortgage loans serviced (period-end)	$	766.3			$	786.2			$	803.1			$	815.5			$	831.1			(3	)	%	(8	)	%	$	766.3			$	831.1			(8	)	%
Third-party mortgage loans serviced (average)	776.3				794.7				809.3				823.3				831.5				(2	)		(7	)		793.3				842.0				(6	)
MSR carrying value (period-end)	8.2				8.3				8.5				9.6				9.5				(1	)		(14	)		8.2				9.5				(14	)
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	1.07			%	1.06			%	1.06			%	1.18			%	1.14			%							1.07			%	1.14			%
Ratio of annualized loan servicing-related revenue to third-party
mortgage loans serviced (average)	0.34				0.35				0.37				0.38				0.38										0.36				0.40
MSR revenue multiple (a)	3.15		x		3.03		x		2.86		x		3.11		x		3.00		x								2.97		x		2.85		x
REAL ESTATE PORTFOLIOS
BUSINESS METRICS
Loans, excluding PCI loans
Period-end loans owned:
Home equity	$	52,679			$	54,485			$	56,131			$	57,863			$	59,825			(3	)		(12	)		$	52,679			$	59,825			(12	)
Prime mortgage, including option ARMs	59,343				54,709				51,520				49,463				47,958				8			24			59,343				47,958				24
Subprime mortgage	5,547				6,636				6,869				7,104				7,376				(16	)		(25	)		5,547				7,376				(25	)
Other	492				510				529				551				568				(4	)		(13	)		492				568				(13	)
Total period-end loans owned	$	118,061			$	116,340			$	115,049			$	114,981			$	115,727			1			2			$	118,061			$	115,727			2
Average loans owned:
Home equity	$	53,560			$	55,329			$	57,015			$	58,838			$	61,005			(3	)		(12	)		$	55,288			$	63,558			(13	)
Prime mortgage, including option ARMs	57,083				53,132				50,735				48,875				46,177				7			24			53,673				43,680				23
Subprime mortgage	5,922				6,754				7,007				7,248				7,529				(12	)		(21	)		6,558				7,834				(16	)
Other	502				520				540				560				579				(3	)		(13	)		521				598				(13	)
Total average loans owned	$	117,067			$	115,735			$	115,297			$	115,521			$	115,290			1			2			$	116,040			$	115,670			—
PCI loans
Period-end loans owned:
Home equity	$	17,572			$	18,070			$	18,525			$	18,927			$	19,411			(3	)		(9	)		$	17,572			$	19,411			(9	)
Prime mortgage	10,887				11,302				11,658				12,038				12,487				(4	)		(13	)		10,887				12,487				(13	)
Subprime mortgage	3,790				3,947				4,062				4,175				4,297				(4	)		(12	)		3,790				4,297				(12	)
Option ARMs	16,238				16,799				17,361				17,915				18,564				(3	)		(13	)		16,238				18,564				(13	)
Total period-end loans owned	$	48,487			$	50,118			$	51,606			$	53,055			$	54,759			(3	)		(11	)		$	48,487			$	54,759			(11	)
Average loans owned:
Home equity	$	17,806			$	18,295			$	18,719			$	19,152			$	19,677			(3	)		(10	)		$	18,270			$	20,218			(10	)
Prime mortgage	11,103				11,487				11,870				12,273				12,705				(3	)		(13	)		11,484				13,124				(12	)
Subprime mortgage	3,843				4,001				4,128				4,234				4,357				(4	)		(12	)		3,989				4,478				(11	)
Option ARMs	16,503				17,074				17,687				18,234				18,890				(3	)		(13	)		17,084				19,573				(13	)
Total average loans owned	$	49,255			$	50,857			$	52,404			$	53,893			$	55,629			(3	)		(11	)		$	50,827			$	57,393			(11	)
Total Real Estate Portfolios
Period-end loans owned:
Home equity	$	70,251			$	72,555			$	74,656			$	76,790			$	79,236			(3	)		(11	)		$	70,251			$	79,236			(11	)
Prime mortgage, including option ARMs	86,468				82,810				80,539				79,416				79,009				4			9			86,468				79,009				9
Subprime mortgage	9,337				10,583				10,931				11,279				11,673				(12	)		(20	)		9,337				11,673				(20	)
Other	492				510				529				551				568				(4	)		(13	)		492				568				(13	)
Total period-end loans owned	$	166,548			$	166,458			$	166,655			$	168,036			$	170,486			—			(2	)		$	166,548			$	170,486			(2	)
Average loans owned:
Home equity	$	71,366			$	73,624			$	75,734			$	77,990			$	80,682			(3	)		(12	)		$	73,558			$	83,776			(12	)
Prime mortgage, including option ARMs	84,689				81,693				80,292				79,382				77,772				4			9			82,241				76,377				8
Subprime mortgage	9,765				10,755				11,135				11,482				11,886				(9	)		(18	)		10,547				12,312				(14	)
Other	502				520				540				560				579				(3	)		(13	)		521				598				(13	)
Total average loans owned	$	166,322			$	166,592			$	167,701			$	169,414			$	170,919			—			(3	)		$	166,867			$	173,063			(4	)
Average assets	163,449				163,583				164,642				162,674				163,001				—			—			163,887				164,310				—
Home equity origination volume	789				802				655				643				580				(2	)		36			2,246				1,481				52

(a) Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

Page 15

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change													2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013			2013
MORTGAGE BANKING (continued)
REAL ESTATE PORTFOLIOS (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries), excluding PCI loans (a)
Home equity	$	95			$	125			$	166			$	179			$	218			(24	)	%	(56	)	%	$	386			$	787		(51	)	%
Prime mortgage, including option ARMs	9				(12		)		(7		)		(8		)		(11		)		NM			NM			(10		)		49			NM
Subprime mortgage	(25		)		(5		)		13				(6		)		(4		)		(400	)		NM			(17		)		96			NM
Other	2				3				2				2				1				(33	)		100			7				8			(13	)
Total net charge-offs/(recoveries), excluding PCI loans	$	81			$	111			$	174			$	167			$	204			(27	)		(60	)		$	366			$	940		(61	)
Net charge-off/(recovery) rate, excluding PCI loans
Home equity	0.70			%	0.91			%	1.18			%	1.21			%	1.42			%							0.93			%	1.66		%
Prime mortgage, including option ARMs	0.06				(0.09		)		(0.06		)		(0.06		)		(0.09		)								(0.02		)		0.15
Subprime mortgage	(1.68		)		(0.30		)		0.75				(0.33		)		(0.21		)								(0.35		)		1.64
Other	1.58				2.31				1.50				1.42				0.69										1.80				1.79
Total net charge-off/(recovery) rate, excluding PCI loans	0.27				0.38				0.61				0.57				0.70										0.42				1.09
Net charge-off/(recovery) rate - reported (a)
Home equity	0.53			%	0.68			%	0.89			%	0.91			%	1.07			%							0.70			%	1.26		%
Prime mortgage, including option ARMs	0.04				(0.06		)		(0.04		)		(0.04		)		(0.06		)								(0.02		)		0.09
Subprime mortgage	(1.02		)		(0.19		)		0.47				(0.21		)		(0.13		)								(0.22		)		1.04
Other	1.58				2.31				1.50				1.42				0.69										1.80				1.79
Total net charge-off/(recovery) rate - reported	0.19				0.27				0.42				0.39				0.47										0.29				0.73
30+ day delinquency rate, excluding PCI loans (b)	2.85			%	3.04			%	3.33			%	3.66			%	3.81			%							2.85			%	3.81		%
Allowance for loan losses, excluding PCI loans	$	2,268			$	2,368			$	2,368			$	2,568			$	2,768			(4	)		(18	)		$	2,268			$	2,768		(18	)
Allowance for PCI loans (a)	3,662				3,749				4,097				4,158				4,961				(2	)		(26	)		3,662				4,961			(26	)
Allowance for loan losses	$	5,930			$	6,117			$	6,465			$	6,726			$	7,729			(3	)		(23	)		$	5,930			$	7,729		(23	)
Nonperforming assets (c)	6,031				6,445				6,796				6,919				7,385				(6	)		(18	)		6,031				7,385			(18	)
Allowance for loan losses to period-end loans retained	3.56			%	3.68			%	3.88			%	4.00			%	4.53			%							3.56			%	4.53		%
Allowance for loan losses to period-end loans retained,
excluding PCI loans	1.92				2.04				2.06				2.23				2.39										1.92				2.39

(a) Net charge-offs and the net charge-off rates for the three months ended September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013 excluded $87 million, $48 million, $61 million and $53 million, respectively, and $196 million for the nine months ended September 30, 2014 of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

(b) The 30+ day delinquency rate for PCI loans was 13.69%, 14.08%, 14.34%, 15.31%, and 16.19%, at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.

(c) Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.

Page 16

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
CARD, MERCHANT SERVICES & AUTO
Card income	$	1,068		$	1,080		$	972		$	1,134		$	1,075		(1	)	%	(1	)	%	$	3,120		$	3,155		(1	)	%
All other income	324			293			279			272			263			11			23			896			769			17
Noninterest revenue	1,392			1,373			1,251			1,406			1,338			1			4			4,016			3,924			2
Net interest income	3,251			3,180			3,260			3,262			3,294			2			(1	)		9,691			10,098			(4	)
Total net revenue	4,643			4,553			4,511			4,668			4,632			2			—			13,707			14,022			(2	)
Provision for credit losses	846			974			763			746			673			(13	)		26			2,583			1,923			34
Noninterest expense	1,994			2,124			1,969			2,230			1,917			(6	)		4			6,087			5,848			4
Income before income tax expense	1,803			1,455			1,779			1,692			2,042			24			(12	)		5,037			6,251			(19	)
Net income	$	1,115		$	840		$	1,082		$	1,030		$	1,235		33			(10	)		$	3,037		$	3,756		(19	)
ROE	23		%	18		%	23		%	26		%	32		%							21		%	32		%
Overhead ratio	43			47			44			48			41									44			42
Equity (period-end and average)	$	19,000		$	19,000		$	19,000		$	15,500		$	15,500		—			23			$	19,000		$	15,500		23
SELECTED BALANCE SHEET DATA (period-end)
Loans:
Credit Card	$	126,959		$	126,129		$	121,816		$	127,791		$	123,982		1			2			$	126,959		$	123,982		2
Auto	52,778			53,042			52,952			52,757			50,810			—			4			52,778			50,810			4
Student	9,661			9,992			10,316			10,541			10,777			(3	)		(10	)		9,661			10,777			(10	)
Total loans	$	189,398		$	189,163		$	185,084		$	191,089		$	185,569		—			2			$	189,398		$	185,569		2
SELECTED BALANCE SHEET DATA (average)
Total assets	$	202,833		$	200,710		$	201,771		$	200,753		$	198,702		1			2			$	201,775		$	197,427		2
Loans:
Credit Card	126,107			123,679			123,261			124,111			123,912			2			2			124,360			123,445			1
Auto	52,666			52,818			52,741			51,824			50,432			—			4			52,741			50,386			5
Student	9,837			10,155			10,449			10,668			10,907			(3	)		(10	)		10,145			11,178			(9	)
Total loans	$	188,610		$	186,652		$	186,451		$	186,603		$	185,251		1			2			$	187,246		$	185,009		1
BUSINESS METRICS
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	119.5		$	118.0		$	104.5		$	112.6		$	107.0		1			12			$	342.0		$	306.9		11
New accounts opened	2.2			2.1			2.1			2.4			1.7			5			29			6.4			4.9			31
Open accounts	65.5			65.8			65.5			65.3			65.0			—			1			65.5			65.0			1
Accounts with sales activity	32.1			31.8			31.0			32.3			30.0			1			7			32.1			30.0			7
% of accounts acquired online	56		%	54		%	51		%	59		%	53		%							54		%	53		%
Merchant Services (Chase Paymentech Solutions)
Merchant processing volume (in billions)	$	213.3		$	209.0		$	195.4		$	203.4		$	185.9		2			15			$	617.7		$	546.7		13
Total transactions (in billions)	9.4			9.3			9.1			9.6			8.9			1			6			27.8			26.0			7
Auto
Origination volume (in billions)	$	6.8		$	7.1		$	6.7		$	6.4		$	6.4		(4	)		6			$	20.6		$	19.7		5

Page 17

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
CARD, MERCHANT SERVICES & AUTO (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Credit Card	$	798		$	885		$	888		$	891		$	892		(10	)	%	(11	)	%	$	2,571		$	2,988		(14	)	%
Auto	50			29			41			51			44			72			14			120			107			12
Student	98			113			84			104			88			(13	)		11			295			229			29
Total net charge-offs	946			1,027			1,013			1,046			1,024			(8	)		(8	)		2,986			3,324			(10	)
Net charge-off rate:
Credit Card (a)	2.52		%	2.88		%	2.93		%	2.86		%	2.86		%							2.77		%	3.24		%
Auto	0.38			0.22			0.32			0.39			0.35									0.30			0.28
Student	3.95			4.46			3.26			3.87			3.20									3.89			2.74
Total net charge-off rate	1.99			2.21			2.21			2.23			2.19									2.14			2.40
Delinquency rates
30+ day delinquency rate:
Credit Card (b)	1.43			1.41			1.61			1.67			1.69									1.43			1.69
Auto	0.97			0.93			0.92			1.15			0.93									0.97			0.93
Student (c)	2.43			2.67			2.75			2.56			2.60									2.43			2.60
Total 30+ day delinquency rate	1.35			1.34			1.47			1.58			1.53									1.35			1.53
90+ day delinquency rate - Credit Card (b)	0.67			0.69			0.80			0.80			0.79									0.67			0.79
Nonperforming assets (d)	$	379		$	301		$	271		$	280		$	239		26			59			$	379		$	239		59
Allowance for loan losses:
Credit Card	3,590			3,594			3,591			3,795			4,097			—			(12	)		3,590			4,097			(12	)
Auto & Student	750			850			903			953			953			(12	)		(21	)		750			953			(21	)
Total allowance for loan losses	4,340			4,444			4,494			4,748			5,050			(2	)		(14	)		4,340			5,050			(14	)
Allowance for loan losses to period-end loans:
Credit Card (b)	2.84		%	2.86		%	2.96		%	2.98		%	3.31		%							2.84		%	3.31		%
Auto & Student	1.20			1.35			1.43			1.51			1.55									1.20			1.55
Total allowance for loan losses to period-end loans	2.30			2.36			2.43			2.49			2.73									2.30			2.73
CARD SERVICES SUPPLEMENTAL INFORMATION
Noninterest revenue	$	991		$	982		$	884		$	1,051		$	994		1			—			$	2,857		$	2,926		(2	)
Net interest income	2,846			2,764			2,829			2,809			2,824			3			1			8,439			8,657			(3	)
Total net revenue	3,837			3,746			3,713			3,860			3,818			2			—			11,296			11,583			(2	)
Provision for credit losses	798			885			688			591			542			(10	)		47			2,371			1,588			49
Noninterest expense	1,494			1,625			1,465			1,749			1,458			(8	)		2			4,584			4,496			2
Income before income tax expense	1,545			1,236			1,560			1,520			1,818			25			(15	)		4,341			5,499			(21	)
Net income	$	961		$	709		$	952		$	927		$	1,102		36			(13	)		$	2,622		$	3,308		(21	)
Percentage of average loans:
Noninterest revenue	3.12		%	3.18		%	2.91		%	3.36		%	3.18		%							3.07		%	3.17		%
Net interest income	8.95			8.96			9.31			8.98			9.04									9.07			9.38
Total net revenue	12.07			12.15			12.22			12.34			12.22									12.14			12.55

(a) Average credit card loans included loans held-for-sale of $335 million, $405 million, $315 million, $311 million and $67 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $352 million and $23 million for the nine months ended September 30, 2014 and September 30, 2013, respectively. These amounts are excluded when calculating the net charge-off rate.

(b) Period-end credit card loans included loans held-for-sale of $395 million, $508 million, $304 million, $326 million and $310 million at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively. These amounts are excluded when calculating delinquency rates and the allowance for loan losses to period-end loans.

(c) Excluded student loans insured by U.S. government agencies under the FFELP of $640 million, $630 million, $687 million, $737 million and $769 million at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d) Nonperforming assets excluded student loans insured by U.S. government agencies under the FFELP of $354 million, $316 million, $387 million, $428 million and $456 million at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, that are 90 or more days past due. These amounts have been excluded from nonaccrual loans based upon the government guarantee.

Page 18

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change														2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,542			$	1,773			$	1,444			$	1,671			$	1,510			(13	)	%	2		%	$	4,759			$	4,660			2		%
Principal transactions (a)	2,567				2,782				2,886				(162		)		2,202				(8	)		17			8,235				9,451				(13	)
Lending- and deposit-related fees	424				449				444				454				471				(6	)		(10	)		1,317				1,430				(8	)
Asset management, administration and commissions	1,141				1,186				1,179				1,129				1,128				(4	)		1			3,506				3,584				(2	)
All other income	468				341				283				487				392				37			19			1,092				1,106				(1	)
Noninterest revenue	6,142				6,531				6,236				3,579				5,703				(6	)		8			18,909				20,231				(7	)
Net interest income	2,645				2,460				2,370				2,441				2,486				8			6			7,475				7,974				(6	)
TOTAL NET REVENUE (b)	8,787				8,991				8,606				6,020				8,189				(2	)		7			26,384				28,205				(6	)
Provision for credit losses	(67		)		(84		)		49				(19		)		(218		)		(20	)		(69	)		(102		)		(213		)		(52	)
NONINTEREST EXPENSE
Compensation expense	2,805				2,757				2,870				2,141				2,330				2			20			8,432				8,694				(3	)
Noncompensation expense	3,230				3,301				2,734				2,751				2,669				(2	)		21			9,265				8,158				14
TOTAL NONINTEREST EXPENSE	6,035				6,058				5,604				4,892				4,999				—			21			17,697				16,852				5
Income before income tax expense	2,819				3,017				2,953				1,147				3,408				(7	)		(17	)		8,789				11,566				(24	)
Income tax expense	1,334				1,054				974				289				1,168				27			14			3,362				3,878				(13	)
NET INCOME	$	1,485			$	1,963			$	1,979			$	858			$	2,240			(24	)		(34	)		$	5,427			$	7,688			(29	)
FINANCIAL RATIOS
ROE (c)	10			%	13			%	13			%	6			%	16			%							12			%	18			%
Overhead ratio (d)	69				67				65				81				61										67				60
Compensation expense as a percent of total net revenue (e)	32				31				33				36				28										32				31
REVENUE BY BUSINESS
Advisory	$	413			$	397			$	383			$	434			$	322			4			28			$	1,193			$	881			35
Equity underwriting	414				477				353				436				333				(13	)		24			1,244				1,063				17
Debt underwriting	715				899				708				801				855				(20	)		(16	)		2,322				2,716				(15	)
Total investment banking fees	1,542				1,773				1,444				1,671				1,510				(13	)		2			4,759				4,660				2
Treasury Services	1,037				1,012				1,009				987				1,053				2			(2	)		3,058				3,148				(3	)
Lending	147				297				284				373				351				(51	)		(58	)		728				1,222				(40	)
Total Banking	2,726				3,082				2,737				3,031				2,914				(12	)		(6	)		8,545				9,030				(5	)
Fixed Income Markets	3,512				3,482				3,760				3,199				3,439				1			2			10,754				12,269				(12	)
Equity Markets	1,231				1,165				1,295				873				1,249				6			(1	)		3,691				3,885				(5	)
Securities Services	1,078				1,137				1,011				1,025				996				(5	)		8			3,226				3,057				6
Credit Adjustments & Other (f)	240				125				(197		)		(2,108		)		(409		)		92			NM			168				(36		)		NM
Total Markets & Investor Services	6,061				5,909				5,869				2,989				5,275				3			15			17,839				19,175				(7	)
TOTAL NET REVENUE	$	8,787			$	8,991			$	8,606			$	6,020			$	8,189			(2	)		7			$	26,384			$	28,205			(6	)

(a) Included FVA (effective fourth quarter 2013) and debt valuation adjustments (“DVA”) on OTC derivatives and structured notes, measured at fair value. FVA and DVA gains/(losses) were $373 million, $173 million, $(30) million and $(2.0) billion for the three months ended September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013 respectively, and $516 million for the nine months ended September 30, 2014. DVA gains/(losses) were $(397) million and $84 million for the three and nine months ended September 30, 2013, respectively.

(b) Included tax-equivalent adjustments, predominantly due to income tax credits related to affordable housing and alternative energy investments, as well as tax-exempt income from municipal bond investments of $611 million, $606 million, $600 million, $681 million and $537 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $1.8 billion and $1.6 billion for the nine months ended September 30, 2014 and 2013, respectively.

(c) Return on equity excluding FVA (effective fourth quarter 2013) and DVA, a non-GAAP financial measure, was 15% and 17% for the three months ended December 31, 2013 and September 30, 2013, respectively, and 18% for the nine months ended September 30, 2013. For additional information on this measure, see non-GAAP financial measures on page 35.

(d) Overhead ratio excluding FVA (effective fourth quarter 2013) and DVA, a non-GAAP financial measure, was 61% and 58% for the three months ended December 31, 2013 and September 30, 2013, respectively, and 59% for the nine months ended September 30, 2013. For additional information on this measure, see non-GAAP financial measures on page 35.

(e) Compensation expense as a percentage of total net revenue excluding FVA (effective fourth quarter 2013) and DVA, a non-GAAP financial measure, was 27% for both the three months ended December 31, 2013 and September 30, 2013, and 31% for the nine months ended September 30, 2013. For additional information on this measure, see non-GAAP financial measures on page 35.

(f) Consists primarily of credit valuation adjustments (“CVA”) managed by the credit portfolio group, and FVA (effective fourth quarter 2013) and DVA on OTC derivatives and structured notes. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 19

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change														2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	874,321			$	873,288			$	879,992			$	843,577			$	867,474			—		%	1		%	$	874,321			$	867,474			1		%
Loans:
Loans retained (a)	95,608				99,733				96,245				95,627				104,269				(4	)		(8	)		95,608				104,269				(8	)
Loans held-for-sale and loans at fair value	6,724				9,048				8,421				11,913				3,687				(26	)		82			6,724				3,687				82
Total loans	102,332				108,781				104,666				107,540				107,956				(6	)		(5	)		102,332				107,956				(5	)
Equity	61,000				61,000				61,000				56,500				56,500				—			8			61,000				56,500				8
SELECTED BALANCE SHEET DATA (average)
Assets	$	853,453			$	846,142			$	851,469			$	849,320			$	838,158			1			2			$	850,362			$	862,357			(1	)
Trading assets - debt and equity instruments	320,380				317,054				306,140				308,374				300,135				1			7			314,577				326,037				(4	)
Trading assets - derivative receivables	63,068				59,560				64,087				67,487				70,814				6			(11	)		62,235				71,319				(13	)
Loans:
Loans retained (a)	95,373				96,750				95,798				101,901				103,179				(1	)		(8	)		95,972				105,862				(9	)
Loans held-for-sale and loans at fair value	8,018				8,891				8,086				4,326				5,113				(10	)		57			8,331				5,438				53
Total loans	103,391				105,641				103,884				106,227				108,292				(2	)		(5	)		104,303				111,300				(6	)
Equity	61,000				61,000				61,000				56,500				56,500				—			8			61,000				56,500				8
Headcount	51,597				51,729				51,837				52,250				52,445				—			(2	)		51,597				52,445				(2	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(3	)		$	(4	)		$	(1	)		$	(11	)		$	(4	)		25			25			$	(8	)		$	(67	)		88
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(b)	112				111				75				163				176				1			(36	)		112				176				(36	)
Nonaccrual loans held-for-sale and loans at fair value	119				167				176				180				210				(29	)		(43	)		119				210				(43	)
Total nonaccrual loans	231				278				251				343				386				(17	)		(40	)		231				386				(40	)
Derivative receivables	312				361				392				415				431				(14	)		(28	)		312				431				(28	)
Assets acquired in loan satisfactions	67				106				110				80				38				(37	)		76			67				38				76
Total nonperforming assets	610				745				753				838				855				(18	)		(29	)		610				855				(29	)
Allowance for credit losses:
Allowance for loan losses	1,083				1,112				1,187				1,096				1,138				(3	)		(5	)		1,083				1,138				(5	)
Allowance for lending-related commitments	445				479				484				525				490				(7	)		(9	)		445				490				(9	)
Total allowance for credit losses	1,528				1,591				1,671				1,621				1,628				(4	)		(6	)		1,528				1,628				(6	)
Net charge-off/(recovery) rate (a)	(0.01		)	%	(0.02		)	%	—			%	(0.04		)	%	(0.02		)	%							(0.01		)	%	(0.08		)	%
Allowance for loan losses to period-end loans retained (a)	1.13				1.11				1.23				1.15				1.09										1.13				1.09
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (c)	1.88				1.80				2.18				2.02				2.01										1.88				2.01
Allowance for loan losses to nonaccrual loans retained (a)(b)	967				1,002				1,583				672				647										967				647
Nonaccrual loans to total period-end loans	0.23				0.26				0.24				0.32				0.36										0.23				0.36

(a) Loans retained includes credit portfolio loans, trade finance loans, other held-for-investment loans and overdrafts.

(b) Allowance for loan losses of $19 million, $22 million, $13 million, $51 million and $56 million were held against these nonaccrual loans at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.

(c) Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

Page 20

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except rankings data and where otherwise noted)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
BUSINESS METRICS
Assets under custody (“AUC”) (period-end) (in billions)	$	21,245		$	21,659		$	21,135		$	20,485		$	19,736		(2	)	%	8		%	$	21,245		$	19,736		8		%
Client deposits and other third-party liabilities (average)	419,576			403,268			412,551			421,615			385,952			4			9			411,824			370,879			11
Trade finance loans (period-end)	27,510			28,291			32,491			30,752			34,356			(3	)		(20	)		27,510			34,356			(20	)
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (a)
Fixed income	$	28		$	38		$	36		$	39		$	43		(26	)		(35	)		$	34		$	44		(23	)
Foreign exchange	8			8			7			7			7			—			14			8			7			14
Equities	14			14			14			13			13			—			8			14			13			8
Commodities and other	7			9			11			15			13			(22	)		(46	)		9			14			(36	)
Diversification benefit to CIB trading VaR (b)	(26		)	(30		)	(32		)	(36		)	(34		)	13			24			(30		)	(33		)	9
CIB trading VaR (a)	31			39			36			38			42			(21	)		(26	)		35			45			(22	)
Credit portfolio VaR (c)	10			10			13			11			12			—			(17	)		11			13			(15	)
Diversification benefit to CIB VaR (b)	(6		)	(6		)	(7		)	(7		)	(9		)	—			33			(6		)	(9		)	33
CIB VaR (a)	$	35		$	43		$	42		$	42		$	45		(19	)		(22	)		$	40		$	49		(18	)

(a) CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. For further information, see VaR measurement on pages 144-146 of the 2013 Annual Report and on pages 69-71 of the Firm’s second quarter 2014 Form 10-Q.

(b) Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.

(c) Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

Page 21

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																			3Q14 Change													2014 Change
	3Q14				2Q14				1Q14			4Q13			3Q13				2Q14			3Q13			2014				2013			2013
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	241			$	252			$	246		$	253		$	256			(4	)	%	(6	)	%	$	739			$	780		(5	)	%
Asset management, administration and commissions	21				26				23			26			28				(19	)		(25	)		70				90			(22	)
All other income (a)	309				299				289			345			304				3			2			897				804			12
Noninterest revenue	571				577				558			624			588				(1	)		(3	)		1,706				1,674			2
Net interest income (b)	1,096				1,124				1,093			1,223			1,137				(2	)		(4	)		3,313				3,452			(4	)
TOTAL NET REVENUE (c)	1,667				1,701				1,651			1,847			1,725				(2	)		(3	)		5,019				5,126			(2	)
Provision for credit losses	(79		)		(67		)		5			43			(41		)		18			93			(141		)		42			NM
NONINTEREST EXPENSE
Compensation expense	301				292				307			252			288				3			5			900				863			4
Noncompensation expense	366				378				374			396			367				(3	)		—			1,118				1,076			4
Amortization of intangibles	1				5				5			5			6				(80	)		(83	)		11				18			(39	)
TOTAL NONINTEREST EXPENSE	668				675				686			653			661				(1	)		1			2,029				1,957			4
Income before income tax expense	1,078				1,093				960			1,151			1,105				(1	)		(2	)		3,131				3,127			—
Income tax expense	429				435				382			458			440				(1	)		(3	)		1,246				1,245			—
NET INCOME	$	649			$	658			$	578		$	693		$	665			(1	)		(2	)		$	1,885			$	1,882		—
Revenue by product:
Lending (b)	$	847			$	877			$	863		$	1,009		$	922			(3	)		(8	)		$	2,587			$	2,817		(8	)
Treasury services	612				627				610			612			605				(2	)		1			1,849				1,817			2
Investment banking	166				166				146			170			155				—			7			478				405			18
Other	42				31				32			56			43				35			(2	)		105				87			21
Total Commercial Banking revenue	$	1,667			$	1,701			$	1,651		$	1,847		$	1,725			(2	)		(3	)		$	5,019			$	5,126		(2	)
Investment banking revenue, gross (d)	$	501			$	481			$	447		$	502		$	448			4			12			$	1,429			$	1,174		22
Revenue by client segment:
Middle Market Banking	$	684			$	709			$	698		$	744		$	745			(4	)		(8	)		$	2,091			$	2,275		(8	)
Corporate Client Banking	480				477				446			488			459				1			5			1,403				1,336			5
Commercial Term Lending	303				307				308			298			311				(1	)		(3	)		918				917			—
Real Estate Banking (b)	121				129				116			206			118				(6	)		3			366				343			7
Other	79				79				83			111			92				—			(14	)		241				255			(5	)
Total Commercial Banking revenue	$	1,667			$	1,701			$	1,651		$	1,847		$	1,725			(2	)		(3	)		$	5,019			$	5,126		(2	)
FINANCIAL RATIOS
ROE	18			%	19			%	17		%	20		%	20			%							18			%	19		%
Overhead ratio	40				40				42			35			38										40				38

(a) Includes revenue from investment banking products and commercial card transactions.

(b) The fourth quarter of 2013 included proceeds of $98 million from a lending-related workout.

(c) Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income from municipal bond activity of $108 million, $105 million, $104 million, $129 million, and $95 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $317 million and $278 million for the nine months ended September 30, 2014 and 2013, respectively.

(d) Represents the total revenue from investment banking products sold to CB clients.

Page 22

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																		3Q14 Change													2014 Change
	3Q14			2Q14				1Q14				4Q13			3Q13			2Q14			3Q13			2014				2013			2013
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	191,563		$	192,523			$	191,389			$	190,782		$	192,194		—		%	—		%	$	191,563			$	192,194		—		%
Loans:
Loans retained	143,490			141,181				138,088				135,750			133,090			2			8			143,490				133,090			8
Loans held-for-sale and loans at fair value	353			1,094				848				1,388			2,071			(68	)		(83	)		353				2,071			(83	)
Total loans	$	143,843		$	142,275			$	138,936			$	137,138		$	135,161		1			6			$	143,843			$	135,161		6
Equity	14,000			14,000				14,000				13,500			13,500			—			4			14,000				13,500			4
Period-end loans by client segment:
Middle Market Banking	$	53,015		$	53,247			$	52,496			$	52,289		$	52,214		—			2			$	53,015			$	52,214		2
Corporate Client Banking	21,138			21,585				20,479				20,925			21,425			(2	)		(1	)		21,138				21,425			(1	)
Commercial Term Lending	52,235			50,986				49,973				48,925			47,612			2			10			52,235				47,612			10
Real Estate Banking	12,818			11,903				11,615				11,024			10,057			8			27			12,818				10,057			27
Other	4,637			4,554				4,373				3,975			3,853			2			20			4,637				3,853			20
Total Commercial Banking loans	$	143,843		$	142,275			$	138,936			$	137,138		$	135,161		1			6			$	143,843			$	135,161		6
SELECTED BALANCE SHEET DATA (average)
Total assets	$	190,678		$	192,363			$	192,748			$	189,710		$	185,744		(1	)		3			$	191,922			$	184,450		4
Loans:
Loans retained	142,139			139,848				136,651				134,490			131,019			2			8			139,566				129,958			7
Loans held-for-sale and loans at fair value	649			982				1,039				1,070			599			(34	)		8			889				883			1
Total loans	$	142,788		$	140,830			$	137,690			$	135,560		$	131,618		1			8			$	140,455			$	130,841		7
Client deposits and other third-party liabilities	204,654			199,979				202,944				205,335			196,802			2			4			202,532				196,004			3
Equity	14,000			14,000				14,000				13,500			13,500			—			4			14,000				13,500			4
Average loans by client segment:
Middle Market Banking	$	52,704		$	52,763			$	51,742			$	51,730		$	51,379		—			3			$	52,407			$	51,863		1
Corporate Client Banking	21,752			21,435				20,837				21,012			20,261			1			7			21,345				20,886			2
Commercial Term Lending	51,567			50,451				49,395				48,313			46,656			2			11			50,479				45,206			12
Real Estate Banking	12,268			11,724				11,408				10,675			9,675			5			27			11,803				9,213			28
Other	4,497			4,457				4,308				3,830			3,647			1			23			4,421				3,673			20
Total Commercial Banking loans	$	142,788		$	140,830			$	137,690			$	135,560		$	131,618		1			8			$	140,455			$	130,841		7
Headcount	7,253			7,155				6,976				6,848			6,761			1			7			7,253				6,761			7
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	5		$	(26	)		$	(14	)		$	25		$	16		NM			(69	)		$	(35	)		$	18		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)	361			429				468				471			558			(16	)		(35	)		361				558			(35	)
Nonaccrual loans held-for-sale and loans
at fair value	14			17				17				43			8			(18	)		75			14				8			75
Total nonaccrual loans	375			446				485				514			566			(16	)		(34	)		375				566			(34	)
Assets acquired in loan satisfactions	11			12				20				15			19			(8	)		(42	)		11				19			(42	)
Total nonperforming assets	386			458				505				529			585			(16	)		(34	)		386				585			(34	)
Allowance for credit losses:
Allowance for loan losses	2,529			2,637				2,690				2,669			2,647			(4	)		(4	)		2,529				2,647			(4	)
Allowance for lending-related commitments	178			155				141				142			171			15			4			178				171			4
Total allowance for credit losses	2,707			2,792				2,831				2,811			2,818			(3	)		(4	)		2,707				2,818			(4	)
Net charge-off/(recovery) rate (b)	0.01		%	(0.07		)	%	(0.04		)	%	0.07		%	0.05		%							(0.03		)	%	0.02		%
Allowance for loan losses to period-end loans retained	1.76			1.87				1.95				1.97			1.99									1.76				1.99
Allowance for loan losses to nonaccrual loans retained (a)	701			615				575				567			474									701				474
Nonaccrual loans to total period-end loans	0.26			0.31				0.35				0.37			0.42									0.26				0.42

(a) Allowance for loan losses of $71 million, $75 million, $86 million, $81 million and $102 million was held against nonaccrual loans retained at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.

(b) Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

Page 23

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
	3Q14			2Q14			1Q14				4Q13			3Q13			2Q14			3Q13			2014			2013			2013
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,263		$	2,242		$	2,100			$	2,314		$	2,017		1		%	12		%	$	6,605		$	5,918		12		%
All other income	159			138			118				280			168			15			(5	)		415			517			(20	)
Noninterest revenue	2,422			2,380			2,218				2,594			2,185			2			11			7,020			6,435			9
Net interest income	594			576			560				585			578			3			3			1,730			1,706			1
TOTAL NET REVENUE	3,016			2,956			2,778				3,179			2,763			2			9			8,750			8,141			7
Provision for credit losses	9			1			(9		)		21			—			NM			NM			1			44			(98	)
NONINTEREST EXPENSE
Compensation expense	1,278			1,231			1,256				1,343			1,207			4			6			3,765			3,532			7
Noncompensation expense	784			811			799				828			774			(3	)		1			2,394			2,174			10
Amortization of intangibles	19			20			20				74			22			(5	)		(14	)		59			65			(9	)
TOTAL NONINTEREST EXPENSE	2,081			2,062			2,075				2,245			2,003			1			4			6,218			5,771			8
Income before income tax expense	926			893			712				913			760			4			22			2,531			2,326			9
Income tax expense	354			341			271				345			284			4			25			966			863			12
NET INCOME	$	572		$	552		$	441			$	568		$	476		4			20			$	1,565		$	1,463		7
REVENUE BY LINE OF BUSINESS
Global Investment Management	$	1,595		$	1,547		$	1,408			$	1,787		$	1,409		3			13			$	4,550		$	4,128		10
Global Wealth Management	1,421			1,409			1,370				1,392			1,354			1			5			4,200			4,013			5
TOTAL NET REVENUE	$	3,016		$	2,956		$	2,778			$	3,179		$	2,763		2			9			$	8,750		$	8,141		7
FINANCIAL RATIOS
ROE	25		%	25		%	20			%	25		%	21		%							23		%	22		%
Overhead ratio	69			70			75				71			72									71			71
Pretax margin ratio:
Global Investment Management	35			32			26				36			30									31			30
Global Wealth Management	26			28			26				20			25									27			27
Asset Management	31			30			26				29			28									29			29
Headcount	19,653			20,322			20,056				20,048			19,928			(3	)		(1	)		19,653			19,928			(1	)
Number of Client advisors	2,873			2,828			2,925				2,962			2,995			2			(4	)		2,873			2,995			(4	)

Page 24

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
	3Q14			2Q14				1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	130,296		$	128,362			$	124,478		$	122,414		$	117,475		2		%	11		%	$	130,296		$	117,475		11		%
Loans (a)	102,411			100,907				96,934			95,445			90,538			1			13			102,411			90,538			13
Deposits	150,268			145,655				147,760			146,183			139,553			3			8			150,268			139,553			8
Equity	9,000			9,000				9,000			9,000			9,000			—			—			9,000			9,000			—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	128,477		$	125,492			$	122,668		$	119,041		$	114,275		2			12			$	125,567		$	111,229		13
Loans	101,427			98,695				95,661			92,712			87,770			3			16			98,615			83,826			18
Deposits	151,240			147,747				149,432			144,027			138,742			2			9			149,480			138,251			8
Equity	9,000			9,000				9,000			9,000			9,000			—			—			9,000			9,000			—
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	11		$	(13	)		$	5		$	4		$	9		NM			22			$	3		$	36		(92	)
Nonaccrual loans	184			182				204			167			202			1			(9	)		184			202			(9	)
Allowance for credit losses:
Allowance for loan losses	273			276				263			278			260			(1	)		5			273			260			5
Allowance for lending-related commitments	4			5				5			5			7			(20	)		(43	)		4			7			(43	)
Total allowance for credit losses	277			281				268			283			267			(1	)		4			277			267			4
Net charge-off rate	0.04		%	(0.05		)	%	0.02		%	0.02		%	0.04		%							—		%	0.06		%
Allowance for loan losses to period-end loans	0.27			0.27				0.27			0.29			0.29									0.27			0.29
Allowance for loan losses to nonaccrual loans	148			152				129			166			129									148			129
Nonaccrual loans to period-end loans	0.18			0.18				0.21			0.17			0.22									0.18			0.22

(a) Included $21.3 billion, $20.4 billion, $19.7 billion, $18.9 billion and $17.5 billion of prime mortgage loans reported in the Consumer, excluding credit card, loan portfolio at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively. For the same periods, excluded $3.0 billion, $3.2 billion, $3.4 billion, $3.7 billion and $4.0 billion of prime mortgage loans reported in the CIO portfolio within the Corporate/Private Equity segment, respectively.

Page 25

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
														Sep 30, 2014
														Change						NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,			Jun 30,			Mar 31,			Dec 31,		Sep 30,		Jun 30,			Sep 30,									2014 Change
CLIENT ASSETS	2014			2014			2014			2013		2013		2014			2013			2014			2013			2013
Assets by asset class
Liquidity	$	440		$	435		$	444		$	451	$	446	1		%	(1	)	%	$	440		$	446		(1	)	%
Fixed income	359			367			340			330		328		(2	)		9			359			328			9
Equity	372			390			373			370		346		(5	)		8			372			346			8
Multi-asset and alternatives	540			515			491			447		420		5			29			540			420			29
TOTAL ASSETS UNDER MANAGEMENT	1,711			1,707			1,648			1,598		1,540		—			11			1,711			1,540			11
Custody/brokerage/administration/deposits	633			766			746			745		706		(17	)		(10	)		633			706			(10	)
TOTAL CLIENT ASSETS	$	2,344		$	2,473		$	2,394		$	2,343	$	2,246	(5	)		4			$	2,344		$	2,246		4
MEMO:
Alternatives client assets (a)	$	166		$	163		$	160		$	158	$	151	2			10			$	166		$	151		10
Assets by client segment
Private Banking	$	429		$	383		$	377		$	361	$	352	12			22			$	429		$	352		22
Institutional	799			798			773			777		752		—			6			799			752			6
Retail	483			526			498			460		436		(8	)		11			483			436			11
TOTAL ASSETS UNDER MANAGEMENT	$	1,711		$	1,707		$	1,648		$	1,598	$	1,540	—			11			$	1,711		$	1,540		11
Private Banking	$	1,052		$	1,012		$	992		$	977	$	935	4			13			$	1,052		$	935		13
Institutional	803			798			773			777		752		1			7			803			752			7
Retail	489			663			629			589		559		(26	)		(13	)		489			559			(13	)
TOTAL CLIENT ASSETS	$	2,344		$	2,473		$	2,394		$	2,343	$	2,246	(5	)		4			$	2,344		$	2,246		4
Assets under management rollforward
Beginning balance	$	1,707		$	1,648		$	1,598		$	1,540	$	1,470							$	1,598		$	1,426
Net asset flows:
Liquidity	8			(11		)	(6		)	7		13								(9		)	(11		)
Fixed income	4			20			5			1		1								29			7
Equity	—			—			3			5		7								3			29
Multi-asset and alternatives	12			14			12			10		11								38			38
Market/performance/other impacts	(20		)	36			36			35		38								52			51
Ending balance	$	1,711		$	1,707		$	1,648		$	1,598	$	1,540							$	1,711		$	1,540
Client assets rollforward
Beginning balance	$	2,473		$	2,394		$	2,343		$	2,246	$	2,157							$	2,343		$	2,095
Net asset flows	35			21			15			25		39								71			55
Market/performance/other impacts	(164		)	58			36			72		50								(70		)	96
Ending balance	$	2,344		$	2,473		$	2,394		$	2,343	$	2,246							$	2,344		$	2,246

(a) Represents assets under management, as well as client balances in brokerage accounts.

Page 26

JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13				3Q13			2Q14			3Q13			2014			2013			2013
INCOME STATEMENT
REVENUE
Principal transactions	$	310		$	28		$	350		$	54			$	378		NM		%	(18	)	%	$	688		$	509		35		%
Securities gains	6			11			26			7				26			(45	)		(77	)		43			659			(93	)
All other income	134			312			148			1,894			(c)	83			(57	)		61			594			(30		)	NM
Noninterest revenue	450			351			524			1,955				487			28			(8	)		1,325			1,138			16
Net interest income	(28		)	(81		)	(156		)	(203		)		(366		)	65			92			(265		)	(1,636		)	84
TOTAL NET REVENUE (a)	422			270			368			1,752				121			56			249			1,060			(498		)	NM
Provision for credit losses	(8		)	(10		)	(11		)	(13		)		(17		)	20			53			(29		)	(15		)	(93	)
NONINTEREST EXPENSE
Compensation expense	820			693			687			551				551			18			49			2,200			1,748			26
Noncompensation expense (b)	1,468			1,091			683			1,331				9,890			35			(85	)		3,242			11,877			(73	)
Subtotal	2,288			1,784			1,370			1,882				10,441			28			(78	)		5,442			13,625			(60	)
Net expense allocated to other businesses	(1,579		)	(1,604		)	(1,536		)	(1,441		)		(1,345		)	2			(17	)		(4,719		)	(3,811		)	(24	)
TOTAL NONINTEREST EXPENSE	709			180			(166		)	441				9,096			294			(92	)		723			9,814			(93	)
Income/(loss) before income tax expense/(benefit)	(279		)	100			545			1,324				(8,958		)	NM			97			366			(10,297		)	NM
Income tax expense/(benefit)	(677		)	(269		)	205			537				(2,495		)	(152	)		73			(741		)	(3,532		)	79
NET INCOME/(LOSS)	$	398		$	369		$	340		$	787			$	(6,463	)	8			NM			$	1,107		$	(6,765	)	NM
MEMO:
TOTAL NET REVENUE
Private Equity	$	281		$	36		$	363		$	57			$	398		NM			(29	)		$	680		$	532		28
Treasury and Chief Investment Office (“CIO”)	132			87			2			(25		)		(232		)	52			NM			221			(767		)	NM
Other Corporate	9			147			3			1,720				(45		)	(94	)		NM			159			(263		)	NM
TOTAL NET REVENUE	$	422		$	270		$	368		$	1,752			$	121		56			249			$	1,060		$	(498	)	NM
NET INCOME/(LOSS)
Private Equity	$	71		$	7		$	215		$	13			$	242		NM			(71	)		$	293		$	272		8
Treasury and CIO	(30		)	(46		)	(94		)	(78		)		(193		)	35			84			(170		)	(598		)	72
Other Corporate	357			408			219			852				(6,512		)	(13	)		NM			984			(6,439		)	NM
TOTAL NET INCOME/(LOSS)	$	398		$	369		$	340		$	787			$	(6,463	)	8			NM			$	1,107		$	(6,765	)	NM
TOTAL ASSETS (period-end)	$	882,792		$	878,886		$	839,625		$	805,987			$	835,000		—			6			$	882,792		$	835,000		6
Headcount	25,199			24,298			22,474			20,717				19,843			4			27			25,199			19,843			27

(a) Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $190 million, $180 million, $164 million, $144 million and $128 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $534 million and $336 million for the nine months ended September 30, 2014 and 2013, respectively.

(b) Included legal expense of $0.5 billion, $0.2 billion, $0.4 billion and $9.2 billion for the three months ended September 30, 2014, June 30, 2014, December 31, 2013 and September 30, 2013, respectively; legal expense for the three months ended March 31, 2014 was not material. Included legal expense of $0.7 billion and $9.8 billion for the nine months ended September 30, 2014 and 2013, respectively.

(c) Included a $1.3 billion gain from the sale of Visa shares and a $493 million gain from the sale of One Chase Manhattan Plaza.

Page 27

JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
SUPPLEMENTAL INFORMATION
TREASURY and CHIEF INVESTMENT OFFICE (“CIO”)
Securities gains	$	6		$	11		$	26		$	7		$	26		(45	)	%	(77	)	%	$	43		$	652		(93	)	%
Investment securities portfolio (average) (a)	355,577			348,841			345,147			344,949			348,622			2			2			349,893			356,665			(2	)
Investment securities portfolio (period-end) (b)	358,516			353,989			345,021			347,562			350,527			1			2			358,516			350,527			2
Mortgage loans (average)	3,183			3,425			3,670			3,980			4,562			(7	)		(30	)		3,424			5,538			(38	)
Mortgage loans (period-end)	3,048			3,295			3,522			3,779			4,161			(7	)		(27	)		3,048			4,161			(27	)
PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains/(losses)	$	(70	)	$	513		$	459		$	(116	)	$	(142	)	NM			51			$	902		$	(54	)	NM
Unrealized gains/(losses) (c)	365			(467		)	(60		)	199			487			NM			(25	)		(162		)	535			NM
Total direct investments	295			46			399			83			345			NM			(14	)		740			481			54
Third-party fund investments	28			19			(1		)	10			83			47			(66	)		46			127			(64	)
Total private equity gains/(losses) (d)	$	323		$	65		$	398		$	93		$	428		397			(25	)		$	786		$	608		29
Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value	$	617		$	657		$	1,291		$	1,035		$	538		(6	)		15			$	617		$	538		15
Cost	479			373			612			672			345			28			39			479			345			39
Quoted public value	617			673			1,334			1,077			538			(8	)		15			617			538			15
Privately-held direct securities
Carrying value	4,275			4,541			4,675			5,065			6,266			(6	)		(32	)		4,275			6,266			(32	)
Cost	5,049			5,756			5,844			6,022			7,096			(12	)		(29	)		5,049			7,096			(29	)
Third-party fund investments (e)
Carrying value	496			570			990			1,768			1,905			(13	)		(74	)		496			1,905			(74	)
Cost	484			605			1,033			1,797			1,910			(20	)		(75	)		484			1,910			(75	)
Total private equity portfolio
Carrying value	$	5,388		$	5,768		$	6,956		$	7,868		$	8,709		(7	)		(38	)		$	5,388		$	8,709		(38	)
Cost	6,012			6,734			7,489			8,491			9,351			(11	)		(36	)		6,012			9,351			(36	)

(a) Average investment securities included held-to-maturity balances of $48.3 billion, $47.5 billion, $43.9 billion, $13.8 billion and $1.9 billion for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $46.6 billion for the nine months ended September 30, 2014. The held-to-maturity balance for the nine months ended September 30, 2013, was not material.

(b) Period-end investment securities included held-to-maturity balances of $48.8 billion, $47.8 billion, $47.3 billion, $24.0 billion and $4.5 billion at September 30, 2014, June, 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.

(c) Unrealized gains/(losses) contain reversals of unrealized gains and losses that were recognized in prior periods and have now been realized.

(d) Included in principal transactions revenue in the Consolidated Statements of Income.

(e) Unfunded commitments to third-party private equity funds were $117 million, $130 million, $160 million, $215 million, and $232 million at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.

Page 28

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Sep 30, 2014
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,			Sep 30,
	2014		2014		2014		2013		2013		2014			2013
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	239,892	$	238,096	$	236,324	$	235,394	$	233,452	1		%	3		%
Loans - PCI	48,487		50,118		51,606		53,055		54,759		(3	)		(11	)
Total loans retained	288,379		288,214		287,930		288,449		288,211		—			—
Loans held-for-sale	481		964		238		614		139		(50	)		246
Total consumer, excluding credit card loans	288,860		289,178		288,168		289,063		288,350		—			—
Credit card loans
Loans retained (b)	126,564		125,621		121,512		127,465		123,672		1			2
Loans held-for-sale	395		508		304		326		310		(22	)		27
Total credit card loans	126,959		126,129		121,816		127,791		123,982		1			2
Total consumer loans	415,819		415,307		409,984		416,854		412,332		—			1
Wholesale loans (c)
Loans retained	320,361		321,534		311,718		308,263		310,588		—			3
Loans held-for-sale and loans at fair value	7,077		10,142		9,269		13,301		5,759		(30	)		23
Total wholesale loans	327,438		331,676		320,987		321,564		316,347		(1	)		4
Total loans	743,257		746,983		730,971		738,418		728,679		—			2
Derivative receivables	72,453		62,378		59,272		65,759		66,788		16			8
Receivables from customers and other (d)	29,466		31,732		26,494		26,883		24,618		(7	)		20
Total credit-related assets	101,919		94,110		85,766		92,642		91,406		8			12
Lending-related commitments
Consumer, excluding credit card	54,912		56,410		56,541		56,057		58,787		(3	)		(7	)
Credit card	531,301		533,688		535,614		529,383		532,251		—			—
Wholesale	470,991		451,275		456,531		446,232		449,067		4			5
Total lending-related commitments	1,057,204		1,041,373		1,048,686		1,031,672		1,040,105		2			2
Total credit exposure	$	1,902,380	$	1,882,466	$	1,865,423	$	1,862,732	$	1,860,190	1			2
Memo: Total by category
Consumer exposure (e)	$	1,002,136	$	1,005,509	$	1,002,295	$	1,002,433	$	1,003,499	—			—
Wholesale exposures (f)	900,244		876,957		863,128		860,299		856,691		3			5
Total credit exposure	$	1,902,380	$	1,882,466	$	1,865,423	$	1,862,732	$	1,860,190	1			2

Note: The Firm provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 35.

(a) Includes loans reported in CCB, and prime mortgage loans reported in the AM business segment and in Corporate/Private Equity.

(b) Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income.

(c) Includes loans reported in CIB, CB and AM business segments and Corporate/Private Equity.

(d) Predominantly includes receivables from customers, which represent margin loans to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated Balance Sheets.

(e) Represents total consumer loans and consumer lending-related commitments.

(f) Represents total wholesale loans, wholesale lending-related commitments, derivative receivables and receivables from customers.

Page 29

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Sep 30, 2014
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,
	2014			2014			2014			2013			2013			2014			2013
NONPERFORMING ASSETS (a)
Consumer, excluding credit card loans (b)	$	6,702		$	7,070		$	7,370		$	7,496		$	8,076		(5	)	%	(17	)	%
Credit card loans	—			—			—			—			1			—			NM
Total consumer nonaccrual loans (c)	6,702			7,070			7,370			7,496			8,077			(5	)		(17	)
Wholesale nonaccrual loans
Loans retained	659			727			753			821			950			(9	)		(31	)
Loans held-for-sale and loans at fair value	133			184			193			223			218			(28	)		(39	)
Total wholesale nonaccrual loans	792			911			946			1,044			1,168			(13	)		(32	)
Total nonaccrual loans	7,494			7,981			8,316			8,540			9,245			(6	)		(19	)
Derivative receivables	312			361			392			415			431			(14	)		(28	)
Assets acquired in loan satisfactions	584			675			765			751			704			(13	)		(17	)
Total nonperforming assets	8,390			9,017			9,473			9,706			10,380			(7	)		(19	)
Wholesale lending-related commitments (d)	134			122			95			206			244			10			(45	)
Total nonperforming exposure	$	8,524		$	9,139		$	9,568		$	9,912		$	10,624		(7	)		(20	)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	1.01		%	1.07		%	1.14		%	1.16		%	1.27		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	2.32			2.44			2.56			2.59			2.80
Total wholesale nonaccrual loans to total
wholesale loans	0.24			0.27			0.29			0.32			0.37

(a) At September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $7.8 billion, $8.1 billion, $7.7 billion, $8.4 billion, and $8.9 billion, respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the FFELP of $354 million, $316 million, $387 million, $428 million and $456 million, respectively, that are 90 or more days past due; and (3) real estate owned (“REO”) insured by U.S. government agencies of $464 million, $528 million, $618 million, $2.0 billion and $1.9 billion, respectively. These amounts have been excluded based upon the government guarantee. In accordance with new accounting guidance adopted in the third quarter of 2014, effective January 1, 2014, certain REO insured by U.S. government agencies previously reported in Other assets at June 30, 2014 and March 31, 2014 of $1.6 billion and $1.5 billion, respectively, were reclassified and are now being reported in Accrued interest and accounts receivable. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Under this guidance, nonmodified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. Moreover, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).

(b) Includes loans held-for-sale of $120 million and $163 million at September 30, 2014 and June 30, 2014, respectively.

(c) Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.

(d) Represents commitments that are risk rated as nonaccrual.

Page 30

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
	QUARTERLY TRENDS																											NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change															2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13				2014				2013				2013
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	15,326			$	15,847			$	16,264			$	17,571			$	19,384			(3	)	%	(21	)	%		$	16,264			$	21,936			(26	)	%
Net charge-offs:
Gross charge-offs	1,458				1,511				1,632				1,687				1,792				(4	)		(19	)			4,601				5,780				(20	)
Gross recoveries	(344		)		(353		)		(363		)		(359		)		(446		)		3			23				(1,060		)		(1,306		)		19
Net charge-offs	1,114				1,158				1,269				1,328				1,346				(4	)		(17	)			3,541				4,474				(21	)
Write-offs of PCI loans (a)	87				48				61				53				—				81			NM				196				—				NM
Provision for loan losses	769				682				917				76				(467		)		13			NM				2,368				112				NM
Other	(5		)		3				(4		)		(2		)		—				NM			NM				(6		)		(3		)		(100	)
Ending balance	$	14,889			$	15,326			$	15,847			$	16,264			$	17,571			(3	)		(15	)			$	14,889			$	17,571			(15	)
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	648			$	638			$	705			$	677			$	753			2			(14	)			$	705			$	668			6
Provision for lending-related commitments	(12		)		10				(67		)		28				(76		)		NM			84				(69		)		9				NM
Other	1				—				—				—				—				NM			NM				1				—				NM
Ending balance	$	637			$	648			$	638			$	705			$	677			(2	)		(6	)			$	637			$	677			(6	)
Total allowance for credit losses	$	15,526			$	15,974			$	16,485			$	16,969			$	18,248			(3	)		(15	)			$	15,526			$	18,248			(15	)
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (b)	0.41			%	0.44			%	0.52			%	0.57			%	0.59			%								0.46			%	0.69			%
Credit card retained loans	2.52				2.88				2.93				2.86				2.86											2.77				3.24
Total consumer retained loans	1.05				1.17				1.24				1.26				1.27											1.15				1.45
Wholesale retained loans	0.02				(0.06		)		0.02				0.03				0.03											(0.01		)		—
Total retained loans	0.60				0.64				0.71				0.73				0.74											0.65				0.83
Consumer retained loans, excluding credit card and
PCI loans	0.50				0.54				0.63				0.70				0.73											0.55				0.86
Consumer retained loans, excluding PCI loans	1.19				1.34				1.42				1.44				1.47											1.31				1.68
Total retained, excluding PCI loans	0.65				0.69				0.77				0.79				0.81											0.70				0.90
																											��
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	288,309			$	288,341			$	288,547			$	288,751			$	287,729			—			—				$	288,398			$	289,478			-
Credit card retained loans	125,772				123,274				122,946				123,800				123,845				2			2				124,008				123,422				-
Total average retained consumer loans	414,081				411,615				411,493				412,551				411,574				1			1				412,406				412,900				-
Wholesale retained loans	318,207				315,415				309,037				311,090				306,008				1			4				314,253				306,076				3
Total average retained loans	$	732,288			$	727,030			$	720,530			$	723,641			$	717,582			1			2				$	726,659			$	718,976			1
Consumer retained, excluding credit card and
PCI loans	$	239,054			$	237,484			$	236,143			$	234,858			$	232,100			1			3				$	237,571			$	232,085			2
Consumer retained, excluding PCI loans	364,826				360,758				359,089				358,658				355,945				1			2				361,579				355,507				2
Total retained, excluding PCI loans	683,028				676,168				668,120				669,738				661,941				1			3				675,827				661,570				2

(a) Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. Any write-offs of PCI loans are recognized when the underlying loan is removed from a pool (e.g., upon liquidation).

(b) The net charge-off rates exclude the write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

Page 31

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Sep 30, 2014
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,
	2014			2014			2014			2013			2013			2014			2013
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	618		$	598		$	607		$	601		$	689		3		%	(10	)	%
Formula-based	3,178			3,396			3,443			3,697			3,798			(6	)		(16	)
PCI	3,662			3,749			4,097			4,158			4,961			(2	)		(26	)
Total consumer, excluding credit card	7,458			7,743			8,147			8,456			9,448			(4	)		(21	)
Credit card
Asset-specific (a)(b)	500			583			606			971			1,080			(14	)		(54	)
Formula-based	3,090			3,011			2,985			2,824			3,017			3			2
Total credit card	3,590			3,594			3,591			3,795			4,097			—			(12	)
Total consumer	11,048			11,337			11,738			12,251			13,545			(3	)		(18	)
Wholesale
Asset-specific (a)	124			138			144			181			209			(10	)		(41	)
Formula-based	3,717			3,851			3,965			3,832			3,817			(3	)		(3	)
Total wholesale	3,841			3,989			4,109			4,013			4,026			(4	)		(5	)
Total allowance for loan losses	14,889			15,326			15,847			16,264			17,571			(3	)		(15	)
Allowance for lending-related commitments	637			648			638			705			677			(2	)		(6	)
Total allowance for credit losses	$	15,526		$	15,974		$	16,485		$	16,969		$	18,248		(3	)		(15	)
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	2.59		%	2.69		%	2.83		%	2.93		%	3.28		%
Credit card allowance to total credit card retained loans	2.84			2.86			2.96			2.98			3.31
Wholesale allowance to total wholesale retained loans	1.20			1.24			1.32			1.30			1.30
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (c)	1.35			1.40			1.51			1.50			1.52
Total allowance to total retained loans	2.02			2.08			2.20			2.25			2.43
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	113			112			111			113			117
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (d)	156			154			151			150			149
Wholesale allowance to wholesale retained nonaccrual loans	583			549			546			489			424
Total allowance to total retained nonaccrual loans	206			201			195			196			195
CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.58			1.68			1.71			1.83			1.92
Total allowance to total retained loans	1.63			1.69			1.75			1.80			1.89
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	58			58			55			57			56
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (d)	105			105			100			100			94
Total allowance to total retained nonaccrual loans	155			152			145			146			140

(a) Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).

(b) The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(c) Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(d) For information on the Firm’s nonaccrual policy for credit card loans, see footnote (a) on page 30.

Page 32

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																	Sep 30, 2014
																	Change						NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,										2014 Change
	2014				2014			2014			2013			2013			2014			2013			2014				2013			2013
CAPITAL (a)
Transitional Standardized Approach
CET1 capital (b)	$	162,716	(f)		$	160,086		$	156,874		$	148,887		$	144,584		2		%	13		%	$	162,716	(f)		$	144,584		13		%
Tier 1 capital	184,031		(f)(g)		179,884			173,431			165,663			161,345			2			14			184,031		(f)(g)		161,345			14
Total capital	218,670		(f)		213,780			208,430			199,286			196,224			2			11			218,670		(f)		196,224			11
Risk-weighted assets	1,462,465		(f)		1,458,620			1,438,354			1,387,863			1,374,039			—			6			1,462,465		(f)		1,374,039			6
Adjusted average assets (c)	2,408,414		(f)		2,374,025			2,355,690			2,343,713			2,327,427			1			3			2,408,414		(f)		2,327,427			3
CET1 capital ratio (b)	11.1		(f)	%	11.0		%	10.9		%	10.7		%	10.5		%							11.1		(f)	%	10.5		%
Tier 1 capital ratio	12.6		(f)		12.3			12.1			11.9			11.7									12.6		(f)		11.7
Total capital ratio	15.0		(f)		14.7			14.5			14.4			14.3									15.0		(f)		14.3
Tier 1 leverage ratio	7.6		(f)		7.6			7.4			7.1			6.9									7.6		(f)		6.9
Transitional Advanced Approach
CET1 capital	$	162,716	(f)		160,086												2		%				$	162,716	(f)
Tier 1 capital	184,031		(f)(g)		179,884												2						184,031		(f)(g)
Total capital	203,688		(f)		203,076												—						203,688		(f)
Risk-weighted assets	1,601,955		(f)		1,626,427												(2	)					1,601,955		(f)
Adjusted average assets (c)	2,408,414		(f)		2,374,025												1					��	2,408,414		(f)
CET1 capital ratio	10.2		(f)	%	9.8		%																10.2		(f)	%
Tier 1 capital ratio	11.5		(f)		11.1																		11.5		(f)
Total capital ratio	12.7		(f)		12.5																		12.7		(f)
Tier 1 leverage ratio	7.6		(f)		7.6																		7.6		(f)
TANGIBLE COMMON EQUITY (period-end) (d)
Common stockholders’ equity	$	211,214			$	208,851		$	204,572		$	200,020		$	195,512		1			8			$	211,214			$	195,512		8
Less: Goodwill	47,970				48,110			48,065			48,081			48,100			—			—			47,970				48,100			—
Less: Other intangible assets	1,274				1,339			1,489			1,618			1,817			(5	)		(30	)		1,274				1,817			(30	)
Add: Deferred tax liabilities (e)	2,991				2,969			2,935			2,953			2,921			1			2			2,991				2,921			2
Total tangible common equity	$	164,961			$	162,371		$	157,953		$	153,274		$	148,516		2			11			$	164,961			$	148,516		11
TANGIBLE COMMON EQUITY (average) (d)
Common stockholders’ equity	$	209,621			$	206,159		$	201,797		$	196,360		$	197,232		2			6			$	205,888			$	196,425		5
Less: Goodwill	48,081				48,084			48,054			48,088			48,073			—			—			48,073				48,106			—
Less: Other intangible assets	1,308				1,416			1,548			1,741			1,878			(8	)		(30	)		1,423				2,021			(30	)
Add: Deferred tax liabilities (e)	2,980				2,952			2,944			2,937			2,904			1			3			2,959				2,867			3
Total tangible common equity	$	163,212			$	159,611		$	155,139		$	149,468		$	150,185		2			9			$	159,351			$	149,165		7
INTANGIBLE ASSETS (period-end)
Goodwill	$	47,970			$	48,110		$	48,065		$	48,081		$	48,100		—			—			$	47,970			$	48,100		—
Mortgage servicing rights	8,236				8,347			8,552			9,614			9,490			(1	)		(13	)		8,236				9,490			(13	)
Purchased credit card relationships	38				41			86			131			176			(7	)		(78	)		38				176			(78	)
All other intangibles	1,236				1,298			1,403			1,487			1,641			(5	)		(25	)		1,236				1,641			(25	)
Total intangible assets	$	57,480			$	57,796		$	58,106		$	59,313		$	59,407		(1	)		(3	)		$	57,480			$	59,407		(3	)
DEPOSITS (period-end)
U.S. offices:
Noninterest-bearing	$	440,067			$	417,607		$	384,503		$	389,863		$	399,658		5			10			$	440,067			$	399,658		10
Interest-bearing	619,595				623,781			625,641			626,392			605,305			(1	)		2			619,595				605,305			2
Non-U.S. offices:
Noninterest-bearing	19,134				17,757			13,590			17,611			20,964			8			(9	)		19,134				20,964			(9	)
Interest-bearing	255,738				260,606			258,971			253,899			255,175			(2	)		—			255,738				255,175			—
Total deposits	$	1,334,534			$	1,319,751		$	1,282,705		$	1,287,765		$	1,281,102		1			4			$	1,334,534			$	1,281,102		4

(a) Basel III Transitional rules became effective on January 1, 2014; all data prior to that date is based on Basel I rules. Basel III presents two comprehensive methodologies for calculating risk-weighted assets: a Standardized approach and an Advanced approach. On February 21, 2014, the Federal Reserve informed the Firm that it had satisfactorily completed the parallel run requirements and is approved to calculate, and publicly disclose commencing with the second quarter of 2014, capital under the transitional Advanced Approach, in addition to the transitional Standardized Approach. As required by the Collins Amendment of the Wall Street Reform and Consumer Protection Act, the capital adequacy of the Firm will be evaluated against the Basel III approach (Standardized or Advanced) that results, for each quarter, in the lower ratio (the “Collins Floor”). For further discussion of the implementation of Basel III, see Regulatory capital on pages 74-78 of the Firm’s second quarter 2014 Form 10-Q.

(b) CET1 capital under Basel III replaced Tier 1 common capital under Basel I. Prior to Basel III becoming effective on January 1, 2014, Tier 1 common capital was a non-GAAP financial measure. For further discussion of Tier 1 common capital, see page 35.

(c) Adjusted average assets, for purposes of calculating the leverage ratio, includes total quarterly average assets adjusted for unrealized gains/(losses) on securities, less deductions for disallowed goodwill and other intangible assets, investments in certain subsidiaries, and the total adjusted carrying value of nonfinancial equity investments that are subject to deductions from Tier 1 capital.

(d) For further discussion of TCE, see page 35.

(e) Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in non-taxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

(f) Estimated.

(g) At September 30, 2014, TruPS included in Basel III Tier 1 capital were $2.7 billion.

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JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13			2014			2013			2013
EARNINGS PER SHARE
Basic earnings per share
Net income/(loss)	$	5,572		$	5,985		$	5,274		$	5,278		$	(380	)		(7	)	%	NM		%	$	16,831		$	12,645		33		%
Less: Preferred stock dividends	304			268			227			190			229				13			33			799			615			30
Net income/(loss) applicable to common equity	5,268			5,717			5,047			5,088			(609		)		(8	)		NM			16,032			12,030			33
Less: Dividends and undistributed earnings allocated to
participating securities	133			144			149			150			41			(g)	(8	)		224			427			374			14
Net income/(loss) applicable to common stockholders	$	5,135		$	5,573		$	4,898		$	4,938		$	(650	)		(8	)		NM			$	15,605		$	11,656		34
Total weighted-average basic shares outstanding	3,755.4			3,780.6			3,787.2			3,762.1			3,767.0				(1	)		—			3,774.4			3,789.2			—
Net income/(loss) per share	$	1.37		$	1.47		$	1.29		$	1.31		$	(0.17	)		(7	)		NM			$	4.13		$	3.08		34
Diluted earnings per share
Net income/(loss) applicable to common stockholders	$	5,135		$	5,573		$	4,898		$	4,938		$	(650	)		(8	)		NM			$	15,605		$	11,656		34
Total weighted-average basic shares outstanding	3,755.4			3,780.6			3,787.2			3,762.1			3,767.0				(1	)		—			3,774.4			3,789.2			—
Add: Employee stock options, SARs and warrants (a)	33.3			31.9			36.4			35.0			—			(h)	4			NM			33.9			31.7			7
Total weighted-average diluted shares outstanding (b)	3,788.7			3,812.5			3,823.6			3,797.1			3,767.0			(h)	(1	)		1			3,808.3			3,820.9			—
Net income/(loss) per share	$	1.36		$	1.46		$	1.28		$	1.30		$	(0.17	)		(7	)		NM			$	4.10		$	3.05		34
COMMON DIVIDENDS
Cash dividends declared per common share	$	0.40		$	0.40	(f)	$	0.38		$	0.38		$	0.38			—			5			$	1.18	(f)	$	1.06	(f)	11
Dividend payout ratio	29		%	27		%	29		%	29		%	NM			%							28		%	34		%
COMMON EQUITY REPURCHASE PROGRAM (c)
Total shares of common stock repurchased	25.5			24.8			6.7			5.5			13.6				3			88			57.0			90.6			(37	)
Average price paid per share of common stock	$	58.37		$	55.53		$	57.31		$	54.27		$	54.30			5			7			$	57.01		$	49.56		15
Aggregate repurchases of common equity:
Settlement-date basis	$	1,488.7		$	1,375.4		$	385.9		$	298.7		$	739.7			8			101			$	3,250.0		$	4,489.9		(28	)
Trade-date basis	1,471.6			1,462.5			399.9			289.7			697.8				1			111			3,334.0			4,498.9			(26	)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans (d)	2.4			1.4			35.3			2.5			3.8				71			(37	)		39.1			45.8			(15	)
Net impact of employee issuances on stockholders’ equity (e)	$	288		$	335		$	325		$	377		$	298			(14	)		(3	)		$	948		$	815		16

(a) Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was 1 million for each of the three months ended September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013, and 1 million and 8 million for the nine months ended September 30, 2014 and 2013, respectively.

(b) Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method.

(c) On March 26, 2014, the Firm announced that following the Board of Governors of the Federal Reserve System (“Federal Reserve”) release of the 2014 CCAR results, JPMorgan Chase & Co. is authorized to repurchase $6.5 billion of common equity between April 1, 2014 and March 31, 2015. Such repurchases will be done pursuant to the $15.0 billion common equity (i.e., common stock and warrants) repurchase program previously authorized by the Firm on March 13, 2012.

(d) Shares issued from treasury stock related to employee stock-based compensation awards and employee stock purchase plans are presented on a settlement-date basis.

(e) The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and stock appreciation rights (“SARs”).

(f) On May 20, 2014, the Board of Directors increased the quarterly common stock dividend from $0.38 to $0.40 per share. On May 21, 2013, the Board increased the quarterly common stock dividend from $0.30 to $0.38 per share.

(g) Due to the net loss applicable to common equity during the three months ended September 30, 2013, dividends were only deemed to be distributed to participating security holders, and such security holders do not share in net losses. Net losses were completely allocated to common stockholders.

(h) Due to the net loss applicable to common stockholders during the three months ended September 30, 2013, no common equivalent shares have been included in the computation of diluted earnings per share for the period as the effect would be antidilutive.

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JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES

The following are several of the non-GAAP financial measures that the Firm uses for various reasons, including: (i) to allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources, (ii) to assess and compare the quality and composition of the Firm’s capital with the capital of other financial services companies, and (iii) more generally, to provide a more meaningful measure of certain metrics that enables comparability with prior periods, as well as with competitors.

(a) In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s consolidated results and the results of the lines of business on a “managed” basis. The definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total consolidated net revenue for the Firm (and total net revenue for each of the business segments) on a FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. This non-GAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on consolidated net income/(loss) as reported by the Firm or net income/(loss) as reported by the lines of business.

(b) The ratios of the allowance for loan losses to period-end loans retained, the allowance for loan losses to nonaccrual loans retained, and nonaccrual loans to total period-end loans excluding credit card and PCI loans, exclude the following: loans accounted for at fair value and loans held-for-sale; PCI loans; and the allowance for loan losses related to PCI loans. Additionally, net charge-offs and net charge-off rates exclude the impact of PCI loans. The ratio of the wholesale allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(c) Tangible common equity (“TCE”), ROTCE, and Tangible book value per share (“TBVPS”) TCE represents common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures consolidated earnings as a percentage of average TCE. TBVPS represents the Firm’s tangible common equity divided by common shares at period-end. TCE, ROTCE, and TBVPS are meaningful to management, as well as investors and analysts, in assessing the Firm’s use of equity and in facilitating comparisons of the Firm with competitors.

(d) Prior to Basel III becoming effective for the Firm on January 1, 2014, Tier 1 common capital and the Tier 1 common ratio under Basel I were non-GAAP financial measures. For additional information on Basel III, including the transitional provisions, see Regulatory capital on pages 74-78 of JPMorgan Chase’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.

(e) Corporate & Investment Bank provides certain non-GAAP financial measures, assuch measures are used by management to assess the underlying performance of the business and for comparability with peers:

• The ratio of the allowance for loan losses to end-of-period loans is calculated excluding the impact of consolidated Firm-administered multi-seller conduits and trade finance loans, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

• Prior to January 1, 2014, the CIB provided several non-GAAP financial measures excluding the impact of FVA (effective fourth quarter 2013) and DVA on: net revenue, net income, and compensation, overhead and return on equity ratios. Beginning in the first quarter 2014, the Firm does not exclude FVA and DVA from its assessment of business performance; however, the Firm continues to present these non-GAAP measures for the periods prior to January 1, 2014, as they reflected how management assessed the underlying business performance of the CIB in those prior periods.

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